Sour Surprise For Media General: A Wider Q3 Loss

By on Nov, 9 2016 with Comments 0

As Media General awaits the FCC’s blessing on its acquisition by Nexstar Broadcasting, the bleeding won’t stop.

The company saw its net loss move from $48 million (-38 cents per diluted share) to $69 million (53 cents).

The Thomson Reuters consensus analyst estimate was net income of 32 cents per share.

Net revenue for the quarter rose 17%, to $377 million. But, that was well shy of the analyst consensus estimate of $404.43 million, despite it being record revenue for Media General, which President/CEO Vincent Sadusky noted.

However, the losses were driven by non-cash, pre-tax impairment charges related to Media General’s digital businesses of $113 million during Q3, widening from $53 million in Q3 2015.

 

About The Author: RBR+TVBR has been reporting on the business of broadcasting for nearly three decades. Beholden to no one, it is independently owned.

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