Benchmark Reports Disappointing 2Q11 On Media General

According to Benchmark, Media General MEG reported disappointing 2Q11 results, primarily driven by weakness across the board in Florida. Benchmark said that total revenue fell 7% y/y to $155 million versus consensus at $162 million, with revenue results in all three business segments coming in below expectations. “We lower our 2011 revenue estimate by $20 million to $626 million, mainly reflecting the weak 2Q results and a softer Print outlook.” Benchmark closed yesterday at $2.79.