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Media General Staunches Red Ink

Bolstered by broadcast advertising spending on political campaigns and the Olympics, Media General Inc., held its revenue decline in August to only 4.4. percent – its best performance in 2008.

While broadcast revenues soared 11.7 percent month-to-month, publishing division revenues continued their plunge. Revenues in the media conglomerate's Virginia newspapers, whose flagship is the Richmond Times-Dispatch , eroded 15.3 percent, continuing a trend that has been evident all year.

"Unfortunately, we do not see an improvement in the publishing business during the remainder of 2008," said CEO Marshall N. Morton.

The company's Interactive Media Division racked up revenue growth, attributable largely to a 45 percent increase in local advertising. Online advertising from national accounts and classified ads declined. More .