Daily Progress parent sees publishing revenues fall again

Daily Progress parent sees publishing revenues fall again

Media General Inc., parent company of the dying-fast Daily Progress, reported today in its Second-Quarter earnings call that publishing division revenues declined from $133 million in the year-ago quarter to $114 million, driven mostly by losses in classifieds that amounted to nearly 30 percent. The Richmond Times-Dispatch was second in losses, behind operations in Florida. Last week the Progress announced that it would shutter its printing presses and move those operations to Richmond, resulting in 25 jobs lost locally.

In other news, Media General, which also owns TV stations and online properties, announced  that by the end of the third quarter it expects to have eliminated a total of 750 full-time equivalent jobs from the 6,900 that were in the place at the beginning of 2007.

Media General, parent of the Daily Progress, reports another big drop in publishing revenue today. Last week, the DP announced it would shut its local printing plant.

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