EX-99.2 4 v101399_ex99-2.htm Unassociated Document
Media General Inc., PO Box 85333, Richmond, VA 23293-0001   804/649-6748   www.mediageneral.com
 
  

 
FOR IMMEDIATE RELEASE
Thursday, January 31, 2008

Media General Reports December 2007 Revenues

RICHMOND, Va. - Media General, Inc. (NYSE: MEG) today reported December 2007 total revenues of $70.6 million, a decrease of 3 percent from approximately $73 million in December 2006, excluding about $18.5 million in revenues from an extra week in fiscal December 2006, composed of about $10.6 million in the Publishing Division, approximately $7.6 million in the Broadcast Division and about $300,000 in the Interactive Media Division. Although it is difficult to precisely quantify the impact of the additional week, the company has estimated the impact on key metrics throughout this release in order to allow meaningful comparisons. By business segment, Publishing Division revenues decreased an estimated 9 percent, Broadcast Division revenues increased approximately 3 percent and Interactive Media Division revenues rose approximately 50 percent.

Publishing Division
 
Newspaper advertising revenues in December decreased approximately $4 million, or 11 percent. Most of the decline was attributable to the Tampa market, driven in particular by lower Classified revenues.

Classified advertising revenues decreased approximately $2 million, or 19 percent, with real estate, employment and automotive Classified all lower in the company’s metro markets. In the Tampa market, Classified revenues decreased approximately 38 percent, the Richmond market declined about 17 percent and the Winston-Salem market decreased an estimated 8 percent. The Community newspaper markets decreased approximately 5 percent. For the company’s three metro markets, real estate revenues were down about 40 percent, employment revenues decreased approximately 36 percent, and automotive revenues declined an estimated 7 percent.

Retail advertising revenues declined by less than $1 million, or 4 percent. The Tampa market reported an approximate 9 percent decrease, due to lower spending in most categories, and the Richmond market experienced an estimated 3 percent decrease, reflecting a decline in home improvement, drug store and furniture store advertising, offset in part by revenues from a weekly newspaper acquired in 2007. In Winston-Salem, Retail revenues were down about 2 percent, with lower spending in the department store and home improvement categories. The Community newspaper group saw a nominal decrease.

National revenues decreased an estimated $1 million, or 28 percent. The Richmond market generated an approximate 17 percent increase, due to higher spending in the insurance and telecommunications categories. The Tampa market declined approximately 46 percent, due to lower telecommunications, medical and financial spending. National revenues in Winston-Salem increased about 9 percent, reflecting higher automotive and medical advertising.

Circulation revenues were down less than $100,000, or 2 percent, as Daily and Sunday net-paid circulation declines for the month were partially offset by rate increases at the metro newspapers. Four Media General newspapers generated increases in net-paid Daily Circulation, and four did so for Sunday.

Broadcast Division
 
Gross time sales increased approximately 1 percent, reflecting higher Local time sales.

Local time sales increased just under $500,000, or 2 percent, primarily from higher grocery store and drug store advertising, partially offset by lower spending in the automotive and fast food categories.
 

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Publishing      •      Broadcast      •      Interactive Media
Media General Inc., PO Box 85333, Richmond, VA 23293-0001   804/649-6748   www.mediageneral.com
 
National time sales declined approximately $700,000, or 7 percent, as a result of decreased advertising in the automotive and corporate categories, partially offset by increased spending in medical and specialty store advertising.

Political revenues of $980,000 compared with $385,000 last December, and were generated from strong Presidential primary campaign spending in South Carolina, Florida and Georgia, U.S. Congressional races in Mississippi and Kentucky, and issue spending in a number of states.

Interactive Media Division
 
Interactive Media Division revenues increased approximately 50 percent, due to significantly higher revenues from the advergaming business, solid growth in National/Regional and Local advertising and revenues from the Yahoo!HotJobs employment Classified partnership. Revenues from Yahoo!HotJobs helped mitigate overall softness in Classified revenues, which declined about 9 percent.

Local online revenues grew about 78 percent over December 2006, reflecting a continued focus on direct sales. National/Regional advertising increased approximately 58 percent, resulting from higher spending by national agencies. Advergaming revenues nearly tripled from last year. Page views and visitor sessions in December increased 12 percent and 17 percent, respectively, excluding the new NBC stations. The improvement is due, in part, to increased audience associated with locally produced content in some markets.

About Media General
 
Media General is a multimedia company operating leading newspapers, television stations and online enterprises primarily in the Southeastern United States. The company’s publishing assets include three metropolitan newspapers, The Tampa Tribune, Richmond Times-Dispatch, and Winston-Salem Journal; 22 daily community newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina; and more than 150 weekly newspapers and other publications. The company’s broadcasting assets include 23 network-affiliated television stations that reach more than 32 percent of the television households in the Southeast and nearly 9.5 percent of those in the United States. The company’s interactive media assets include more than 75 online enterprises that are associated with its newspapers and television stations.

Investor Contact:
Media Contact:
Lou Anne J. Nabhan
Ray Kozakewicz
(804) 649-6103
(804) 649-6748
 

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Publishing      •      Broadcast      •      Interactive Media
Media General Inc., PO Box 85333, Richmond, VA 23293-0001   804/649-6748   www.mediageneral.com

Revenues and Page Views

                                   
 
  
December
   
Year-to-Date
  
 
  
2007
  
2006
  
 
  
2007
  
2006
  
 
  
 
  
(4 Weeks)
  
(5 Weeks)
  
% Change
  
(52 Weeks)
  
(53 Weeks)
  
% Change
  
 
  
 
          
 
  
 
  
 
  
Revenues (000)
  
$
70,576
  
$
91,194
    
(22.6
)%
$
932,181
  
$
964,857
    
(3.4
)%
Publishing
    
40,025
   
54,519
   
(26.6
)%
  
544,757
   
601,144
   
(9.4
)%
Broadcast
    
28,476
   
35,128
   
(18.9
)%
  
358,367
   
343,118
   
4.4
%
Interactive Media
    
2,690
   
2,094
   
28.5
%
  
36,181
   
27,113
   
33.4
%
Eliminations
    
(615
)
  
(547
)
  
(12.4
)%
  
(7,124
)
  
(6,518
)
  
(9.3
)%
 
                              
Discontinued Operations 1
    
1,461
   
1,617
   
(9.6
)%
  
19,071
   
50,409
   
(62.2
)%
   
   
   
   
  
   
 
   
  
   
  
   
 
 
 
                          
Selected Publishing Revenues (000)
    
 
           
 
   
 
            
   
  
By Category
                              
Advertising
  
$
32,825
  
$
45,841
    
(28.4
)%
$
450,494
  
$
505,426
    
(10.9
)%
Classified
    
9,397
   
14,691
   
(36.0
)%
  
179,671
   
219,196
   
(18.0
)%
Retail
    
19,599
   
24,632
   
(20.4
)%
  
225,728
   
234,845
   
(3.9
)%
National
    
2,890
   
5,377
   
(46.3
)%
  
38,357
   
43,317
   
(11.5
)%
Other
    
939
   
1,141
   
(17.7
)%
  
6,738
   
8,068
   
(16.5
)%
Circulation
    
5,943
   
7,550
   
(21.3
)%
  
78,190
   
81,885
   
(4.5
)%
By Property
                              
Richmond
    
9,705
   
12,655
   
(23.3
)%
  
136,162
   
141,709
   
(3.9
)%
Tampa
    
10,751
   
17,326
   
(37.9
)%
  
158,337
   
197,398
   
(19.8
)%
Winston-Salem
    
4,100
   
5,106
   
(19.7
)%
  
51,622
   
55,105
   
(6.3
)%
Community Newspapers
    
15,158
   
19,102
   
(20.6
)%
  
196,033
   
204,495
   
(4.1
)%
 
   
    
   
 
   
 
    
  
    
 
    
      
 
 
                          
Advertising Revenues (000)
                              
Richmond
  
$
7,580
  
$
9,965
    
(23.9
)%
$
108,263
  
$
112,041
    
(3.4
)%
Tampa
    
9,120
   
15,734
   
(42.0
)%
  
136,985
   
179,103
   
(23.5
)%
Winston-Salem
    
3,268
   
4,092
   
(20.1
)%
  
41,037
   
44,288
   
(7.3
)%
Community Newspapers
    
12,556
   
15,727
   
(20.2
)%
  
161,870
   
167,705
   
(3.5
)%
  
   
 
   
  
   
 
    
 
    
     
   
      
 
 
                          
Broadcast Time Sales (gross) (000)
  
$
28,237
  
$
35,512
    
(20.5
)%
$
371,336
  
$
355,689
    
4.4
%
Local
    
17,165
   
21,366
   
(19.7
)%
  
226,691
   
195,407
   
16.0
%
National
    
10,094
   
13,762
   
(26.7
)%
  
137,070
   
111,874
   
22.5
%
Political
    
978
   
384
   
154.7
%
  
7,575
   
48,408
   
(84.4
)%
  
   
 
    
     
   
     
   
   
   
    
   
    
 
 
                              
Selected Online Total Page Views
                              
Total Web Sites 2
    
41,193,764
   
45,963,596
   
(10.4
)%
  
590,626,285
   
553,826,557
   
6.6
%
(Excluding Game Sites)
                              
TBO.com
   
15,104,333
   
16,469,103
   
(8.3
)%
  
222,837,372
   
205,518,112
   
8.4
%
(Tampa, Fla.)
                              
inRich/TimesDispatch.com
    
7,029,756
   
11,282,114
   
(37.7
)%
  
116,440,503
   
134,036,554
   
(13.1
)%
(Richmond, Va.)
                              
JournalNow.com
   
3,067,754
   
3,719,910
   
(17.5
)%
  
44,825,717
   
43,860,023
   
2.2
%
(Winston-Salem, N.C.)
                              
   
   
  
   
 
    
 
    
 
   
 
    
 
  

Notes:  All data are subject to later adjustment.
1
Revenues from certain broadcast and interactive media operations that the Company is currently divesting as well as those the Company divested in 2006.
2
Web site page views exclude four NBC sites purchased in 2006 that were previously hosted by a third party.
 

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Publishing      •      Broadcast      •      Interactive Media
Media General Inc., PO Box 85333, Richmond, VA 23293-0001   804/649-6748   www.mediageneral.com


Daily Newspapers Advertising Linage

                 
   
December
  
 Year-to Date
  
 
  
2007
  
2006
  
% Change
  
2007
  
2006
  
% Change
  
Richmond Times-Dispatch
  
 
  
 
  
 
  
 
  
 
  
 
  
Retail
    
30,738
   
36,286
   
(15.3
)%
  
374,805
   
389,417
   
(3.8
)%
National
    
10,866
   
11,692
   
(7.1
)%
  
115,655
   
115,900
   
(0.2
)%
Classified
    
52,268
   
61,962
   
(15.6
)%
  
823,298
   
852,524
   
(3.4
)%
Total
    
93,872
   
109,940
   
(14.6
)%
  
1,313,758
   
1,357,841
   
(3.2
)%
The Tampa Tribune
                          
Retail
    
42,434
   
63,631
   
(33.3
)%
  
504,253
   
565,331
   
(10.8
)%
National
    
9,481
   
20,588
   
(53.9
)%
  
107,816
   
158,094
   
(31.8
)%
Classified
   
63,297
   
108,652
   
(41.7
)%
  
1,077,427
   
1,596,977
   
(32.5
)%
Total
    
115,212
   
192,871
   
(40.3
)%
  
1,689,496
   
2,320,402
   
(27.2
)%
Winston-Salem Journal
                                
Retail
   
28,880
   
42,090
   
(31.4
)%
  
360,462
   
442,466
   
(18.5
)%
National
    
7,891
   
9,533
   
(17.2
)%
  
92,188
   
97,600
   
(5.5
)%
Classified
    
37,871
   
49,092
   
(22.9
)%
  
593,171
   
687,141
   
(13.7
)%
Total
    
74,642
   
100,715
   
(25.9
)%
  
1,045,821
   
1,227,207
   
(14.8
)%
Community Dailies
                            
Retail
    
317,722
   
419,997
   
(24.4
)%
  
3,981,157
   
4,211,360
   
(5.5
)%
National
    
16,176
   
41,526
   
(61.0
)%
  
224,121
   
272,773
   
(17.8
)%
Classified
    
356,991
   
430,053
   
(17.0
)%
  
5,001,726
   
5,402,083
   
(7.4
)%
Total
    
690,889
   
891,576
   
(22.5
)%
  
9,207,004
   
9,886,216
   
(6.9
)%
Media General Dailies Total
                          
Retail
    
419,774
   
562,004
   
(25.3
)%
  
5,220,677
   
5,608,574
   
(6.9
)%
National
    
44,414
   
83,339
   
(46.7
)%
  
539,780
   
644,367
   
(16.2
)%
Classified
    
510,427
   
649,759
   
(21.4
)%
  
7,495,622
   
8,538,725
   
(12.2
)%
Total
    
974,615
   
1,295,102
   
(24.7
)%
  
13,256,079
   
14,791,666
   
(10.4
)%
 
* Advertising is in column inches - full run only
 
 
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Publishing      •      Broadcast      •      Interactive Media