UPDATE 5-Media General posts loss, stops dividend
* Media General posts loss after $130.4 mln writedown
* Company eliminates dividend
* Company to stop releasing monthly revenue numbers
* Shares fall as much as 19 percent (Adds details on debt, updates market activity)
NEW YORK, Jan 29 (Reuters) - Media General Inc (MEG.N: Quote, Profile, Research) posted a quarterly loss on Thursday because of a writedown. Newspaper advertising revenue fell 20 percent, and the company eliminated its dividend.
Shares shed as much as 19 percent of their value on the New York Stock Exchange on Thursday.
The results mirror the performance of other U.S. newspaper publishers, which are struggling to survive as ad revenue plunges. The New York Times Co (NYT.N: Quote, Profile, Research) reported a nearly 18 percent drop in ad revenue on Wednesday.
Many publishers are trying to pay loads of debt despite ever lower amounts of cash. Media General said it is suspending its dividend to help pay off about $730 million of debt. Continued...
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