What: Shares of TV station operator Media General (NYSE:MEG) got crushed on Thursday, down by 22% at the low, after reporting disappointing second-quarter earnings. The stock closed the day down nearly 11%.

So what: Revenue in the second quarter jumped 108% to $321 million, and earnings per share came in at $0.01. Analysts had been expecting revenue of $326 million and earnings per share of $0.07. Keep in mind that Media General completed its merger with LIN Media in December, so the year-over-year comparisons are a little lofty since the 2014 figures do not include LIN Media's results.

Now what: CEO Vincent L Sadusky said the combined company continues to make progress on "integration and operating initiatives," even as political advertising has been on the decline due to the election cycle. Guidance also left a little bit to be desired, at least compared to current market expectations. Revenue in the third quarter is expected in the range of $316 million to $329 million, while the consensus estimate calls for $333 million in sales. At the same time, Media General still has quite a debt burden, $2.22 billion when including capital leases.