Semi-confirmed: Media General to consolidate copy desks

Moderator1 · Jan 22, 2010

With everyone in the company or just the brass?

Cosmo · Jan 22, 2010

Webcast for employees, per the MG News. Should have said webcast, not teleconference.

GlenQuagmire · Jan 28, 2010

Heard that Gannett is going to have a regional copydesk for all of the Tennessee newspapers in Murfreesboro.

doug_funnie · Jan 29, 2010

Here's the news release about MG's fourth quarter.

Cost-cutting helped Richmond-based Media General Inc. report a fourth-quarter profit despite lower revenue, but the company also forecast revenue growth in 2010.

The parent company of the Richmond Times-Dispatch yesterday reported a profit of $27.4 million, or $1.18 per share, for the quarter that ended Dec. 27. That compares with a loss of $85.5 million, or $3.86 per share, in the fourth quarter of 2008, when the company took a large, one-time charge.

Like many other media companies, Media General aggressively cut costs in 2009, including layoffs and employee furloughs, in response to a sharp downturn in advertising sales. The company’s operating expenses were down 22 percent in the fourth quarter, offsetting a 14 percent decline in revenue to $177 million.

The fourth-quarter revenue decline was slower than an 18 percent drop in the third quarter, the company said. Media General CEO Marshall N. Morton said on a conference call yesterday that ad sales improved in December and were essentially even with the same month in 2008. The company forecast percentage revenue growth in mid-single digits for 2010.

Media General also announced plans yesterday to refinance part of its debt. The company said it plans to offer $350 million of senior secured notes, due in 2017, and would use the proceeds to repay debt under its current revolving credit facility.

The company owns 18 network-affiliated television stations, three metropolitan and 20 community newspapers, and more than 200 specialty publications including weekly newspapers.

Revenue was down in the company’s broadcasting and publishing operations, but its digital media revenue rose 11 percent in the fourth quarter compared with the year-ago period.

In its Virginia/Tennessee market, the company reported segment profit rose 67.2 percent from a year ago to $15.6 million. Expenses were down 20.5 percent, offsetting a 6.3 percent decline in revenue.

For the full year of 2009, Media General reported a loss of $35.8 million or $1.61 per share, compared with a loss of $631.8 million, or $28.60 per share for 2008.
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Gee, laying off a good chunk of the work force and forcing 5 more furlough days should result in some sort of profit.

Hustle · Feb 18, 2010

We just found out this afternoon: March 15 for us. I and one other will be out of a job as of then.

It's a very quiet afternoon on the desk.

Keystone · Feb 18, 2010

Hustle said:

We just found out this afternoon: March 15 for us. I and one other will be out of a job as of then.

It's a very quiet afternoon on the desk.
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That sucks. I've been in your boat. At lest you get about a month's notice. I had about five minutes notice. Good luck on the search.

Tarheel316 · Jun 20, 2011

I know some of the sports guys in Winston and they don't like it at all.

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Semi-confirmed: Media General to consolidate copy desks

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Semi-confirmed: Media General to consolidate copy desks

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Tarheel316 Well-Known Member

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