More MG News

hacksaw2828 · Apr 12, 2009

Yes look into the state jobs for sure. And yes, you are right in assuming they probably didn't check into the background. Well I know for a fact they did call 2 references but obviously I don't know what they dicussed. But from what I have seen from working in the state offices so far, I don't think they even know what the difference between those 2 words are, much less how to spell them. So I think using the word communications can help you do all kinds of jobs such as dispatch work etc. But is it a good idea to take that chance? It depends on what the applicant's financial situation is and how desperate he is getting. Right now, it seems like it's a dog eat dog world after Enron, Madoff and all the other crooks scammed us. So I guess if one little lie is going to keep a person from losing their house and lands them a job and a paycheck, I'd do it in a heartbeat. Yes, it's wrong. But in the end, is anything right anymore?

Appgrad05 · Apr 13, 2009

My degree is in communications, with a focus in journalism. I would think that allows me to put both on my resume, if I so desired. I can't be the only one.

lone star scribe · Apr 13, 2009

DO NOT LIE on your resume. If you are caught, it will bite you in the ass.

If you have a degree in journalism -- you can tell, it's written right on your diploma in big letters -- that's what you put. There is always room to explain how you concentrated your degree studies or how your work experience broadened them. You have real-life work experience. That trumps a classroom.

You can embellish without lying, by using industry keywords, or by substituting a more clarifying term for jargon. For example: Who knows outside of a newsroom what a slot editor is? But if you can better explain the duties by changing it to something more understandable to a lay person, such as supervising desk editor, that's fine.

My God, didn't we learn anything from George O'Leary?

Moderator1 · Apr 17, 2009

Man, as The Pipeline provider said, the hits keep coming:

April 17, 2009

Dear Fellow Employees:

Media General announced first-quarter results this morning. As expected, it was a difficult quarter. Although we have taken many steps to reduce expenses and maximize cash flow, our results require that we do more. The action we are taking today is related to the pension plan.

You will recall that service accruals for all of us who participate in the MG Advantage Retirement Plan were frozen at December 31, 2006. The retirement benefit continued to be based on participants’ final average earnings at his or her termination or retirement date. Of course, employees hired after December 31, 2006, were not eligible to participate in the pension plan.

The continued impact of the recession and the decline in the equities market now force us to base ultimate retirement benefits on final average earnings as of May 31 of this year. After that date, no participant will accumulate any further benefits based on either service or compensation. Each pension plan participant, upon retirement, will receive the full benefit that he or she had accumulated at the time the plan was frozen—May 31. This change will not affect the pension checks of current retirees.

While it is of little consolation, you probably know that many other companies in the United States, including several peer companies in the media industry, took this step long before we did. Private-sector pension plans similar to ours peaked at about 112,000 in the 1980s. Even then, only about one-third of American workers were covered under such plans. Today the number of such plans is well below 30,000 and the number of frozen plans continues to increase.

Instead of traditional pension plans, many companies have chosen to increase the benefits for their defined contribution plans, such as our MG Advantage 401(k) Plan. We are committed to restoring the Company match to our 401(k) plan, including the profit sharing contribution, as soon as Company performance allows. In addition, when the economy stabilizes, we will take a fresh look at our employee benefits and are prepared to take steps to strengthen those benefits that will be important to you at retirement.

By June 22, you will be able to use the Pension Calculator on theMeganet to calculate the amount of your individual retirement payment. The Employee Benefits Department has sent an official notice of this change to the pension plan to your home. Also, your Retiree Medical Savings Account will continue to accrue interest.

I am keenly aware of the impact this change will have on your retirement planning. I am sorry to have to take this action, but it is in our long-term best interests. The recession has caused us to take a number of steps with regard to compensation and benefits that we would have preferred not to take, including this one.

I know that employees have questions and concerns about the performance of the Company. This year, I’m starting a series of quarterly Webcasts for Media General employees that are tied to our earnings announcements. The first one will be held on Monday, April 20, at 10 a.m. ET. A link to the Webcast will be posted to theMeganet that morning. During the Webcast you will have the opportunity to email questions directly to me. Instructions for emailing questions will be provided when you log in to the Webcast.

Your hard work and support as we navigate through this unprecedented global economic turmoil are key contributors to our ultimate success. I am very grateful for your effectiveness and determination.

Yours sincerely,

Marshall N. Morton
President and Chief Executive Officer

Drip · Apr 17, 2009

Whatever Morton is smoking, I will break the rotation and pass.

wsreader · Apr 17, 2009

Media General cuts 300 jobs

http://www2.journalnow.com/content/2009/apr/17/media-general-posts-wider-first-quarter-loss-cuts-/

Furry Tractor · Apr 17, 2009

wsreader said:

Media General cuts 300 jobs

http://www2.journalnow.com/content/2009/apr/17/media-general-posts-wider-first-quarter-loss-cuts-/
Click to expand...

Those aren't new cuts, according to that story -- they were the ones that went down last month

Pendleton · Apr 17, 2009

NEW YORK (AP) — Newspaper publisher and TV station owner Media General reported a wider first-quarter loss Friday on a deepening slide in advertising revenue.
The Richmond, Va., company also said it cut its work force by nearly 300 jobs in the week of March 31 and plans to freeze its pension plan at the end of May.
Its shares fell 33 cents, or 11.1 percent, to $2.64 in morning trading.
The publisher of the Richmond Times-Dispatch and The Tampa Tribune lost $21.3 million, or 96 cents per share, in January-March period, compared to a loss of $20.3 million, or 92 cents per share, a year earlier.
The company said its loss in the most recent quarter included severance costs of $4.5 million, or 20 cents per share.
Revenue fell 18 percent to $159 million from $194.5 million a year ago.
Classified advertising in Media General’s publishing unit was the worst hit, plunging 39 percent. Its broadcast properties saw a decline of 19 percent.
Helping to offset the slump somewhat was a better performance from the company’s interactive media unit, which narrowed its operating loss to $1.1 million from $2.7 million a year ago and grew sales by 25 percent.
A 14 percent cut in operating expenses also helped results; Media General recently suspended its 401(k) match, imposed 10-day unpaid furloughs across the company beginning in the first quarter and suspended dividend payments.
The company operatess more than 20 daily newspapers and 19 television stations.

doug_funnie · Apr 17, 2009

Furry Tractor said:

wsreader said:

Media General cuts 300 jobs

http://www2.journalnow.com/content/2009/apr/17/media-general-posts-wider-first-quarter-loss-cuts-/
Click to expand...

Those aren't new cuts, according to that story -- they were the ones that went down last month
Click to expand...

Probably doesn't even include the open positions that were eliminated during the purging.

DirtyDeeds · Apr 17, 2009

Appgrad05 said:

My degree is in communications, with a focus in journalism. I would think that allows me to put both on my resume, if I so desired. I can't be the only one.
Click to expand...

Mine, too. Mass Communications is my actual degree.

Cosmo · Jul 22, 2009

Offered without comment:

Media General Reports Second-Quarter 2009 Results

RICHMOND, Va. – Media General, Inc. (NYSE: MEG) today reported net income for the second quarter of 2009 of $20.6 million, or 90 cents per share, compared with a net loss of $532.2 million in the 2008 period, which included a non-cash, after-tax impairment charge of $532.1 million. The current quarter included a $7.1 million after-tax gain on the sale of a CW television station in Jacksonville, Fla., a $3.6 million tax benefit that resulted from a favorable determination concerning a state tax issue, and $7.5 million of tax benefits attributable to the company’s first-half results from continuing operations. Excluding severance expense from both quarters, and last year’s impairment charge, income from continuing operations before taxes was $3.8 million in 2009’s second quarter compared with $2.6 million in the year-ago quarter.

“A 23-percent decrease in total operating costs year-over-year was a major contributor to the company’s improved operating results, helping to offset a 20 percent revenue decline. Actions driving the lower expenses included reductions in force across the company, a furlough program, a suspension of matching in the company’s 401(k) plan in 2009, and the final freeze of the company’s pension plan effective May 31, 2009. Service accruals ceased in the partial freeze of the plan in 2006 and now future salary increases do not affect retirement benefits. Media General has implemented many difficult but necessary expense reductions that strengthen our ability to weather the deep recession and recognize the reduced revenue streams available in our business. As a result, we are in a stronger position to take advantage of an economic recovery,” said Marshall N. Morton, president and chief executive officer.

“Our aggressive cost elimination actions were particularly evident in our Publishing segment, which generated a $12 million profit in the current quarter compared with $6.8 million in the prior-year. Publishing revenues declined 20.3 percent in the second quarter, about the same as the first quarter. We saw the rate of Classified advertising declines abate somewhat in the second quarter compared to the first quarter of 2009, mostly in the automotive category, and particularly in our Florida, Virginia and Alabama markets. The decline in Retail advertising in the current period was also less severe than in the first quarter of 2009.

“In the Broadcast segment, second quarter operating profit was $11.3 million in the current period compared with $14.9 million last year and largely reflected a $2 million decline in Political revenues in the current period. Time sales were quite weak in April but strengthened somewhat in May and June. Broadcast operating expenses decreased 21 percent year-over-year.

“The Interactive Media segment benefited from strong growth from its online coupon and shopping Web site DealTaker.com and higher Local advertising revenues, which were up 18 percent. We continue to accelerate our direct-sales initiatives, which are driving strong Local spending by new and existing advertisers. These positive results could not offset recession-driven declines in Classified and National/Regional advertising, however. Our online audience growth continued. Page views were up 8.8 percent, visitor sessions increased 17.1 percent and unique visitors rose 22.7 percent,” he said.

”While we are still dealing with the recession, we are optimistic about our long-term prospects. Even as we have dramatically reduced expenses, we have expanded into new digital and mobile platforms and created new ways to serve consumers and advertisers. We are executing effectively on our Internet partnerships with Yahoo! and Zillow and generating new revenue streams in our interactive advertising services businesses such as DealTaker.com,” Mr. Morton said.

“On July 1, we shifted to an operating structure focused on geographic markets rather than our former platform-based structure. Under the new structure, our leaders are responsible for the success of all of our media properties within a defined market area, not just a particular media platform. This change reflects our long-held recognition that the customer is in charge. The realignment opens new opportunities to put customer needs in the forefront and then provide the best solution to meet those needs, without allegiance to a particular media platform. The new structure greatly accelerates our Web-First strategy, by strengthening our ability to leverage all available resources on behalf of our Web sites, from both a content and a sales perspective,” Mr. Morton said.

Beginning with the third quarter of 2009, Media General will report financial results based on five geographic market segments and a sixth segment that includes the company’s interactive advertising services and certain other operations. In conjunction with its third-quarter earnings release, the company will recast results to reflect the market structure for the first two quarters of 2009, for all four quarters of and full-year 2008, and for full-year 2007.

Publishing Segment

Publishing Division profit for the second quarter of 2009, excluding severance and other special charges, increased 19.9 percent from the prior year. Total revenues decreased 20.3 percent, and advertising revenues declined 26 percent. The revenue decline, however, was offset by significant expense reductions, a 24.8 percent reduction excluding severance and other special charges.

Revenues declined 26 percent in Florida, 16.2 percent in Virginia, 25.8 percent in North Carolina and 18.7 percent in South Carolina. In Alabama, revenues decreased 12.2 percent, as Retail and Classified declines were not as sharp as in other markets.

Classified advertising revenues were below the prior year by $11.9 million, or 35.2 percent, due to shortfalls in all markets. In the metro markets, employment revenues decreased 63 percent and real estate revenues were down 54.9 percent. Automotive revenues declined 27.1 percent.

Retail advertising revenues declined $10.6 million, or 21 percent, due to lower spending across all markets in most categories. National revenues decreased $1.5 million, or 18.7 percent, reflecting decreases in a number of key categories in all markets, especially Tampa.

Circulation revenues increased $1.9 million, or 11.9 percent, driven by single-copy and home-delivery price increases in most markets.

Salary expense, excluding severance, decreased 24.6 percent, reflecting workforce reductions and the furlough savings. Benefit expense declined 41.8 percent, due to the absence of profit sharing and 401(k) match as well as reduced employee count. Newsprint expense decreased 29.1 percent as a result of a decline in consumption of 33.5 percent, driven by newsprint conservation efforts, decreased advertising linage and other initiatives. Partially offsetting the decline in consumption, the average price per ton increased $39, or 6.6 percent from the prior year.

Broadcast Segment

Total Broadcast revenues declined $17.7 million, or 21.4 percent, and gross time sales declined $22.4 million, or 26.3 percent. Local time sales decreased $13.6 million, or 24.8 percent, and National time sales decreased $6.9 million, or 24.7 percent. Lower automotive and telecommunications spending was the main factor for the decreases in both categories. Political revenues in the current quarter were $800,000.

Broadcast expenses decreased 19.6 percent, excluding severance, due to reduced salary expense from workforce reductions and furloughs, other cost containment initiatives, and lower costs of goods sold at a broadcast equipment subsidiary. Salary expense, excluding severance but including furlough savings, declined 22.9 percent.

Interactive Media Segment

The Interactive Media Division posted an operating loss of $1.1 million compared with a loss of $656,000 in the prior year. Total division revenues decreased 5.7 percent, mostly reflecting lower Classified advertising on the company’s Web sites. A strong profit contribution by DealTaker.com and an 18 percent increase in Local online revenues from the company’s local Web sites, partially offset declines in Classified and National advertising. Revenues at DealTaker.com rose 24 percent and visitors grew 85 percent in the quarter.

Other results

Corporate expense declined by $3.5 million, or 35 percent, reflecting cost containment actions including furloughs. Acquisition intangibles amortization decreased $2.2 million, or 53 percent, as certain intangible assets had been written down as part of impairment charges in 2008. Interest expense was approximately $700,000 higher than the prior year due to increased all-in interest rates largely offset by lower average debt levels. Debt at the end of the second quarter was $711 million, compared to $730 million at the beginning of the year, mainly reflecting the use of proceeds from the sale of a television station.
Click to expand...

OnTheRiver · Jul 22, 2009

Glad to see those scrappy MG executives have found a way to increase profits 20 percent.[/bluefont]

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