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News > Companies
Media General warns
September 25, 2000: 5:55 p.m. ET

Media company says its third-quarter profit hurt by advertising slowdown
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NEW YORK (CNNfn) - Communications company Media General on Monday warned that its third-quarter profitability would fall short of Wall Street's estimates, due to costs related to recent acquisitions and overall malaise in advertising sales.

The Richmond, Va.-based company said it expected to report earnings of between 30 and 40 cents per share, compared to analysts forecast of about 51 cents per share.

The company, which operates the Tampa Tribune, 24 other daily newspapers, and 26 television stations, said retailer bankruptcies hurt its publishing division and that department stores have cut back on advertising.

Shares of Media General  (MEG.A: Research, Estimates) closed down 25 cents at $48.99 on the American Stock Exchange Monday. Back to top

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