Wednesday, April 12, 2006

Media General First Quarter Losses

There is a reason why the Washington Post is expanding their media empire by buying Slate. It is the same reason the St. Petersburg Times is increasing readership in Hillsborough County. People consider those newspapers good sources of information. Conservative newspapers that are more concerned about shrilling for the Republicans, like the New York Post and Washington Times, can not generate a profit. See here and here. Which brings us to the Tampa Tribune's parent corporation Media General.

Media General Inc., owner of the Tampa Tribune, reported net income for the first quarter of 2006 of $6.7 million, or 28 cents a share, compared with income of $9.3 million, or 39 cents a share, before an accounting change, in the first quarter of 2005.

Including the cumulative effect of a change in accounting principle, related to valuing acquired intangible assets other than goodwill, the company reported a net loss of $316.2 million in the 2005 first quarter.

Marshall N. Morton tries to spin Media General's first quarter. The fact remains bussiness do not want to see their worth go down.


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