Media General Q3 Loss Widens - Quick Facts

(RTTNews) - Media General Inc. (MEG) reported that its third-quarter net loss attributable to the company widened to $69 million or $0.53 per share from $48 million or $0.38 per share in the third quarter of the prior year. The losses were driven by non-cash, pre-tax impairment charges related to the Company's digital businesses of $113 million during the current quarter and $53 million in the third quarter of the prior year.

Net revenues increased 17% to $377 million, compared to $322 million in the third quarter of the prior year. Excluding political revenue, net revenues increased 11% compared to the third quarter of the prior year.

Net local revenues, which include net local advertising revenues and retransmission consent fees, increased 18% to $249 million, compared to $212 million in the third quarter of the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.32 per share and revenues of $404.43 million for the quarter. Analysts' estimates typically exclude special items.