As CEO Marshall Morton deals with a hedge fund’s hostile attempt to win seats on his board of directors, Media General reported that Q4 revenues fell 10% to 243.8 million, blamed largely on the lack of political advertising in TV and the weak economic climate in Florida. Net earnings plunged to 9.6 million, or 43 cents per share, compared to 31.6 million and EPS of 1.33, but the quarter included lots of special items. Income from continuing operations was put at 10.4 million, or 47 cents per share, still down sharply from 31.3 million, or 1.32 per share.
TV revenues fell 14% to 99.4 million and segment profit dropped 42% to24.6 million. Local was the bright spot, up 10%.
Newspaper ad revenues dropped 11% and total newspaper revenues were off 9% to 137.1 million. Publishing segment profits fell 22% to 26.6 million.