(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 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
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