Media General Inc. today reported that preliminary results for the second quarter of 2008. Its Broadcast Division profit for the quarter was $14.9 million compared with $18 million last year.

Weak national and local time sales were partially offset by $2.8 million in political revenues, the company said.

Expenses, excluding severance costs, decreased 4 percent. The division has implemented performance improvement measures as well as new business initiatives.

Total broadcast revenues decreased 5.7 percent. Gross time sales declined $4.5 million, or 5 percent. Local time sales declined $1.2 million, or 2.2 percent.

Lower spending in the furniture store and entertainment categories was partially offset by higher automotive and fast food advertising, it said.

National time sales decreased $5.3 million, or 15.9 percent. Categories showing decreases for the quarter included automotive and services, while transportation and drug stores increased.

Total political revenues of $2.8 million compared with $745,000 in the 2007 quarter. The current quarter's revenues were generated from presidential campaign spending in Ohio, Florida, North Carolina, and South Carolina, gubernatorial primary spending in North Carolina, U.S. Congressional races in South Carolina, North Carolina, Virginia and Ohio, and issue spending in Ohio, Mississippi, Florida, North Carolina, South Carolina, Virginia, Georgia and Rhode Island.

Media General's Interactive Media Division had a quarterly loss of $656,000 compared with a profit of $359,000 in the 2007 quarter. The division generated record revenues of $10.6 million, up 13.7 percent, reflecting a 45.7 percent increase in local advertising and revenues from DealTaker.com, acquired March 31, 2008.

The partnership with Yahoo!HotJobs generated $2 million in revenues in the quarter, helping to partially offset a 4 percent decrease in classified revenues.

Local revenues increased as the result of continued growth in banners and sponsorships and direct sales. National/regional revenues decreased 7.1 percent, due to softer advertising from national agencies, particularly at TBO.com in Tampa.

To read the company's press release, click here.