Olympics, Elections Get Media General Fired Up for 2016

By on Feb, 27 2016 with Comments 0

Media GeneralMedia General executives characterize 2015 as “transformational.”

In an earnings call with analysts executives credited automotive advertising and pay-TV subscriber fees for offsetting a decline in digital revenues as the company reworked that business.

Media General President/CEO Vincent Sadusky looks forward to political and Olympic advertising in 2016.

In the fourth quarter, net revenues increased 69% to $366 million, compared to $217 million in the prior year. Operating income was $55 million, compared to operating income of $39 million in the prior year.

Total net debt outstanding (including capital leases) as of the end of 2015, net of cash, was $2.2 billion, compared to $2.4 billion for the same period the prior year. Cash and cash equivalent balances at the end of the year were $41 million, compared to $44 million for the same period in the prior year.

For full year 2015, net revenues increased 93% to $1.3 billion, compared to $675 million in the prior year. Operating income was $82 million, compared to operating income of $115 million in the prior year. Operating income included a non-cash, goodwill impairment charge of $53 million in the third quarter.

 

About The Author: Leslie Stimson has been a reporter for 35+ years, starting in radio news. She’s spent the last 20 years reporting for radio trades.

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