Media News - Tuesday, October 09, 2012
US: Media General exits newspaper business; raises political ad revenue forecast
Media General Inc exited its nearly two-centuries-old newspaper business by selling the Tampa Tribune, and raised its revenue forecast for political advertising on its TV stations due to stronger-than-anticipated demand in key election battlegrounds. The company expects to get USD 57 million to USD 58 million this year from political advertisements, higher than the USD 50 million it had expected, boosted by the U.S. presidential election and hotly contested Senate races this year. Media General has stations in four states that are key to the presidential election - Ohio, Florida, Virginia and North Carolina. This year's political advertising during the presidential election could net revenue of USD 2.8 billion in local TV revenues, Moody's Investors Service said last month. The company sold almost all its newspapers to Berkshire Hathaway in May for USD 142 million to focus on its broadcast business. The sale of the Tampa Tribune to Revolution Capital Group for USD 9.5 million completes Media General's switch to a broadcast television and digital media company. The newspaper, which has been with Media General since 1927 and has won a Pulitzer in 1966, has an average Monday to Friday circulation of about 144,000, according to the Audit Bureau of Circulation. (Reuters)
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