Media General reported earnings today. There is one very significant detail that should scare everyone interested in the future of newspapers as it relates to the Internet.
Their Internet revenues declined by 3.3 compared to a year ago.
Most newspapers have claimed the Internet as the "growth engine" for their future. This stall should be a stark wake up call to the fact that the growth engine still needs fuel and maintenance.
Yes MEG is heavily invested in Florida, and the market for real estate there is tanking. However, its nearly unfathomable that display and other efforts wouldn't make up for it.
In Bizarro world, the stock was up today...
Thursday, April 17, 2008
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