What's this blog really about?

You may notice a variety of topics here - from business, to charity promotion, even to local news, but the primary reason this blog was created was to alert readers to the hostile atmosphere and sexual harassment at The Danville Register & Bee. The readers and creator of this blog want a FULL FRONT PAGE apology in the Danville Register & Bee, plus the disciplining of those individuals involved. Until then, we'll continue to post regular updates. To tolerate THIS kind of behavior by a major media network is intolerable. And this isn't just ONE instance. Media General has been sued nationwide for racism and sexism, yet they CONTINUE to keep the offenders employed. Why? And why am I doing this? TRUTH compels me.

Monday, April 20, 2009

Losing Money

Media General Inc is still losing money. The company reported a huge net loss on Friday - an 18 percent drop in revenue. Reason? Falling newspaper advertising sales. The fall sent shares down 12 percent.

The publisher of newspapers such as the Richmond Times-Dispatch and Tampa Tribune said its first-quarter net loss was $21.3 million, or 96 cents a share, compared with a loss of $20.3 million, or 92 cents a share, a year earlier. Revenue fell 18 percent to $159.5 million.

Publishing revenue fell on a 25 percent drop in ad revenue.

Excluding employee severance costs, Media General's loss would have been 77 cents a share. Few analysts offered estimates on the company, making an average expectation difficult to project.

Media General cut 300 jobs and suspended its dividends and has said it would freeze its pension plan, effective May 31.

Shares fell 35 cents to $2.62.

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