More MG News

I truly wonder how long this latest fad in journalism will run?

 

October 21, 2010





Dear Fellow Employees,
I’m pleased to report that 2010 is proving to be a relatively strong year for Media General, and not only because of the Political and Olympics advertising revenues that this “even” year brings. Our overall operating performance through the first nine months is above budget and ahead of last year. This performance is due to the direct efforts of our employees who are seizing opportunities to take new solutions to the market faster, who are serving more customers by working across markets and through multiple media, and who continue to prove to advertisers that we are the right place to invest their hard-earned marketing dollars.
Our new market structure, which all of you have embraced so quickly, has enabled us to work together more collaboratively. We are effectively deploying all of our resources to best serve the needs of our customers. As a result, we are able to control our destiny more than we could before.
We are going to reinvest some of the dollars generated by our improved performance back into our loyal employees who persevered so diligently during the economic downturn. Specifically, those currently active employees who gave up income during the 2009 furlough program will be awarded a cash payment that is equivalent to two furlough days. The payment will be in the form of a check that will be delivered Monday, October 25. Although employees who did not participate in the furlough program last year (principally new hires, part-time employees and commissioned sales representatives) are not eligible for the payment, I appreciate their contributions to our success.
At this time, we are working hard to create 2011 budgets that include merit raises and a phased-in return of the 401(k) match. Next year is expected to be a difficult year, with the absence of Political and Olympics revenues, and with the uneven economic recovery. However, restoring these two key forms of compensation is very important to me and will be made possible by a continuing strong performance by everyone to produce the cash flow that is needed to do so. A major way that can be accomplished is to push hard for new products and services that meet customer’s needs.
I am grateful for your steadfastness during the difficult economic times that we have faced, and I’m pleased to see we have been able to brighten our outlook in this way. I’m confident that a strengthening economy will only serve to increase the impact of our internal efforts. Please keep up the good work.

 

Wow, two whole days. I'm sure MG forced employees to take more than two furlough days. How magnanimous of them.

 

I would have liked the other 13 days back, but it's better than nothing. I guess that's what we accept as progress in this business any more.

 

Would you prefer 0?

 

Yeah, I'd be surprised if any MG properties sold any ads for the Winter Olympics. Do they have any NBC affiliates?

 

Worked for my old shop. We pushed an Olympic section, and it sold ads pretty well, but it was in the northwest.

 

Yes, MG owns some NBC affiliates.

 

Which is exactly how many days those of us who took all the furloughs then had our jobs eliminated are getting paid back. Not that I'm bitter or anything.

 

I hear you brother.

 

One in Birmingham, for starters.