The Political Whore

From Media General, which owns TBO.com, the Tampa Tribune and News Channel 8 in this market:

RICHMOND, Va., July 22 /PRNewswire-FirstCall/ — Media General, Inc. (NYSE: MEG – News) 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.

March was the 15th straight month of job losses, with the U.S. economy losing another 663,000 jobs, the monthly government labor report says this morning.

It was about what economists had expected.

The New York Times reports:

“There is no letup,” said James O’Sullivan, senior United States economist at UBS. “The trend has been truly dismal.”

The figures offered a stark contrast to some recent glimmers of life elsewhere in the economy, which have buoyed stock markets and heartened hopes for a turnaround. The sharp and continuing increase in unemployment suggests that even if the downward spiral is beginning to level off, job losses are likely to keep piling up for the rest of this year and into 2010.

Although the Federal Reserve expects unemployment to crest near 8.8 percent, many economists say it will rise above 10 percent and will only begin to ebb after the broader economy is well on the way to recovery – a wrenching forecast for the 13.2 million people in the United States who are currently unemployed.

A UF shark researcher says worldwide shark attacks were off in 2008, down to 59 from 71 the year before.

He blames (wait for it) the economy, which has sent fewer pieces of human bait to the beach for vacations.

Read the full story at ABC Action News.

If you haven’t already, I highly recommend checking out Talking Points Memo’s “The Day in 100 Seconds.” It’s amazing how many video clips can be crammed into a minute-forty.

• Obama unveils team of Superfriends to fight crime around the globe.
• First up for the Superfriends …
• Politico: Alex Sink won’t run against Sen. Martinez.
• …but Martinez is vulnerable.
• Pat Kemp wins Hillsborough Democrat chief’s job.
• Crist’s plan to suspend foreclosures through the holidays hits Time magazine.
• Breaking news! Breaking news! We’ve been in a recession since December 2007.
• The stock market takes a shit.
• The Pentagon plans 20,000 troops stationed in the U.S. by 2011.
• And the new host of Meet the Press is …
• The stars aligned. Did you miss it?

Flashback Friday.

• The Hillary Deathwatch. (Don’t worry: They mean the candidate, not the person.)
• “This is like any other cover-up,” Mr. Remes said. “We’ve only scratched the surface.”
• Recession? Probably. Depression? No way.
• Now, where did I put that high-yield nuclear warhead?
• Did the latest al-Qaeda tape give the “attack” order?
• Man found dead, full of bullet holes and laying in U.S. 19 in South St. Petersburg.
• Is there anything better than recorded phone calls involving Courtney Love?
• Hack a Mac in “two minutes flat.”