Sour Surprise For Media General: A Wider Q3 Loss
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.