Media General Inc (MEG.N) reported a quarterly loss on Wednesday because of a writedown and said revenue fell 18 percent, but the newspaper publisher also said it sees signs that ad spending is improving.
Media General, which owns U.S. papers such as the Richmond Times-Dispatch and Tampa Tribune, reported a third-quarter net loss of $62.5 million, or $2.80 a share, compared with net income of $6.1 million, or 27 cents a share, a year ago.
Excluding one-time items, income from continuing operations was $4.4 million, or 20 cents a share, down from $5.7 million, or 25 cents a share, a year ago.
Revenue fell to $158 million from $193 million.
Third-quarter ad spending was challenging, but the fourth quarter could show an improvement, the company said.