CORRECTED-UPDATE 1-Media General loss widens on newspaper sale charge

Wed Jul 18, 2012 10:18am EDT

(Corrects paragraph 3 to insert dropped words 'shown as' and 'operations'. Corrects paragraph 4 to make clear the company still publishes the Tampa Tribune)

* Q2 loss per share $6.48

* Q2 broadcasting revenue up 17.3 pct to $84.1 mln

July 18 (Reuters) - Media General Inc reported a higher quarterly loss on charges incurred from the sale of some of its newspapers to Warren Buffett's Berkshire Hathaway Inc , but revenue from its broadcasting operations rose.

Media General agreed to sell almost all its daily and weekly newspapers to a Berkshire unit in May. The company is shutting down or selling off its remaining print assets.

"All Media General newspapers are now shown as discontinued operations, as are Dealtaker.com and Professional Communications Systems, a broadcast equipment business," the company said.

Media General, which used to publish newspapers like the Winston Salem-Journal, would now solely focus on its broadcasting operations running stations such as WFLA-TV in Florida. It still publishes the Tampa Tribune, but is looking for buyers for the newspaper.

Revenue from its broadcasting division rose 17 percent to $84.1 million For the second quarter, but the company's net loss widened to $146.3 million, or $6.48 per share, from $15.4 million, or 68 cents per share, a year earlier.

Excluding a $131.7 million charge it recorded on the sale, Media General reported a 71 cent loss during the quarter.

Operating income for the quarter ended June 24 jumped to $16.4 million from $6.2 million a year earlier.

Shares of the company, which have fallen more than 4 percent since it agreed to sell assets to Berkshire, were up 2 percent at $3.99 on the New York Stock Exchange in early trade. (Reporting by Aurindom Mukherjee in Bangalore; Editing by Joyjeet Das)

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