* Q3 loss from continuing operations $0.81/share vs
* Revenue $93.8 mln vs last year $66 mln
Oct 17 Broadcaster Media General Inc
reported a 42 percent rise in third-quarter revenue, helped by
higher advertising income related to the U.S. elections and the
summer Olympics, and the company said it expected revenue to
rise by between 25 percent and 28 percent in the current
Revenue in the latest quarter rose to $93.8 million from
$66.1 million a year earlier.
"Political revenues totaled nearly $20 million and reflected
the strong positions of our television stations in their markets
and the presence of six Media General stations in presidential
battleground states," Chief Executive Marshall Morton said.
Media General has stations in four of the key battleground
states for the presidential election -- Ohio, Florida, Virginia
and North Carolina. Its stations in Virginia, Rhode Island and
Ohio are also benefiting from hotly contested Senate races.
The U.S. broadcasting industry could net $2.8 billion in
local TV revenue during the close-run Nov. 6 presidential
elections, Moody's Investors Service said last month.
Media General has already raised its revenue forecast for
political advertising on its TV stations due to
stronger-than-anticipated demand in key election battlegrounds.
However, the company's loss from continuing operations
widened to $18.4 million, or 81 cents per share, in the third
quarter, from $11.9 million, or 53 cents per share, a year
Larger peer Gannett Co Inc reported
higher-than-expected revenue and profit earlier this
Media General, which has a market value of about $123
million, said on Oct. 8 that it exited its nearly
two-centuries-old newspaper business by selling the Tampa
Tribune, five months after it sold a bulk of its newspapers to
Warren Buffett's Berkshire Hathaway for $142
Berkshire Hathaway disclosed a 17 percent stake in the
company last month.
Shares of the Richmond, Virginia-based Media General have
risen 27 percent since the Berkshire deal on May 17. They closed
at $5.30 on Tuesday on the New York Stock Exchange.