Media General sees double-digit TV gain in Q1


Media GeneralIn updated guidance to Wall Street, Media General is projecting a strong Q1 for TV in terms of revenues. Not so for its newspapers, but Q1 cash flow is expected to be up for both broadcast and print.

“The Company expects that in the first quarter of 2012 broadcast revenues will grow in the 12%-13% range and its broadcast cash flow will improve by more than 40%, in each case compared to the same period a year ago. It believes its print revenues will decline 8%-9% from the first quarter of 2011, while print cash flow will increase by nearly 30% from the first quarter of 2011, due in main to improved results in its Florida print properties. Digital revenues are expected to decline approximately 15% in the first quarter of 2012 compared with the same period a year ago, with a slight deterioration of cash flow, due in part to’s weakness,” Media General said in an SEC filing.

The company had said only that it was optimistic about cash flow generation in 2012 when it reported Q4 results. The new, more specific upbeat guidance was filed as the company began a series of meetings with investors, creditors and others. Media General recently completed a long-sought refinancing of its senior debt.