Newspaper and station owner Media General reported second quarter earnings of $20.6 million Wednesday, compared to a net loss of $532.2 million in the same period in 2008—a reversal enabled by costing cutting that included layoffs and furloughs at its broadcast stations.
Operating profit from Media General’s 18 broadcast stations was $11.3 million, down from $14.9 million the year prior. Total revenues declined 21.4%, or $17.7 million, with ad sales declining $22.4 million due largely to lower automotive and telecommunications spending.
However, broadcast expenses fell 19.9% due in part to staff cuts and furloughs. The company also benefited from a $7.1 million after-tax gain from the sale of CW affiliate WCWJ Jacksonville, Fla.
In addition to its TV stations, Media General owns 21 daily newspapers and more than 200 specialty publications, as well as interactive properties Blackdot, DealTaker.com and NetInformer.