Publishing revenues exceeded the prior-year month by 5 percent. Excluding acquisitions and divestitures, Publishing revenues were down 3 percent. Broadcast revenues decreased 4.7 percent, while Interactive Media revenues increased 11.7 percent.
Revenues in our Publishing and Broadcast divisions continue to reflect a severe advertising recession, said J. Stewart Bryan III, Media General’s chairman and chief executive. To offset these shortfalls, we will continue to hold expenses at reduced levels through the end of the year.
In the Publishing Division, excluding acquisitions and divestitures, classified revenue declined 7.7 percent from July 2000 due to weak employment linage. Help-wanted linage was down 47 percent at the Winston-Salem Journal, 31 percent at The Tampa Tribune and 38 percent at the Richmond Times-Dispatch, which also experienced a 26 percent decline in automotive linage.
Excluding acquisitions and divestitures, national advertising revenue decreased 1.3 percent because of weak telecommunications spending, and preprint revenue dropped 1 percent as The Tampa Tribune saw shortfalls in nearly all preprint categories. Retail revenue for the month increased 2.9 percent on the strength of one-time advertising related to First Union’s acquisition of Wachovia. Most other retail advertising categories were down from July 2000.
Excluding acquisitions and divestitures, circulation revenue was up slightly.
Gross television time sales declined 13.3 percent from the same month last year, with local advertising down 5 percent and national advertising down 18 percent. Both local and national decreases reflect continuing weakness in the automotive, telecommunications and fast-food categories.
In the Interactive Media Division, an up-sell arrangement between TBO.com and The Tampa Tribune attracted strong new classified revenue.
SOURCE: COMPANY PRESS RELEASE
