Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Media General (NYSE:MEG)

March 05, 2013 4:05 pm ET

Executives

George L. Mahoney - Chief Executive Officer and President

James F. Woodward - Chief Financial Officer and Vice President of Finance

Analysts

Matthew Chesler - Deutsche Bank AG, Research Division

Matthew Chesler - Deutsche Bank AG, Research Division

Next up here is Media General, which I'm excited to introduce is a pure play broadcast and digital media company. The Media General sitting with me today is a vastly different company compared to what it was 1 ago. Last year, the company had a portfolio of newspapers, television stations and an advertising services business and they had debt refinancing needs. They've since divested the newspapers. And then you got some of these other businesses, refinanced your debt, extended the maturity and you have a significant stockholder that many people have heard of. So while other companies have talk about transforming, this company has actually done it. So I do want to introduce the management here, George Mahoney, President and CEO. You took over in January of this year but you have been with the company for since the...

George L. Mahoney

Almost 20 years now.

Matthew Chesler - Deutsche Bank AG, Research Division

Almost 20 years. So welcome. And then Jim Woodward, VP of Finance and CFO. CFO since last year but also a long-term member of the organization. So welcome, thank you both for being here.

George L. Mahoney

Thank you, Matt. It has been a big year for us and we're looking forward to talking about it this afternoon.

James F. Woodward

Appreciate being here.

Matthew Chesler - Deutsche Bank AG, Research Division

The topic to start on is clearly the transformation of the business. The divestiture of the newspapers is an obvious one, the way that sort of backward looking but we'd like to catch people up, who aren't familiar with the story on the steps that you've taken -- the key steps you've taken to reposition the company over the last year.

George L. Mahoney

Great, thanks. Well, you're right. Newspapers have been a part of Media General for the last 150 years and in -- at the end of June, we sold nearly all of our newspapers to Berkshire Hathaway with Warren Buffett. And then sold the remaining group, our Tampa group, to a private equity concern in October. So at that point, Media General was pure play broadcast and digital. And as we went through those transactions, we also refinanced some debt with Berkshire Hathaway and we also acquired, as you mentioned, a new stockholder, Warren Buffett, Berkshire Hathaway, who has had now about 17% of Media General. So it was indeed a transformational year on the structure and the business model for Media General and as the phrasing that we're using is that we now have a very clear path forward. That clear path though was really -- we lit it even better with our operational performance in 2012, which really was outstanding. And I won't go back and recap that but suffice it to say, in a year that broadcasters usually do very well, and even-numbered year, Media General had an outstanding political result and also, it did very well with the Summer Olympics on NBC. So it was a terrific year for us and we have started 2013 on a terrific note as well. We issued a press release this morning and provided a little bit of more guidance than we had in the past on what the quarter looks like. But for us right now, focusing on cash flow and focusing on margins is hugely important. And maybe Jim would be good enough to give you a little bit more on the results that we're seeing so far and that we think we'll have in the first quarter and also for the year.

James F. Woodward

Well, the core advertising and excluding Political and the Olympics, is in the press release, pacing up about 2%. And the net revenues for the quarter will be up 7% to 8%. And then, for the year, we are going to compare ourselves to even to even, odd to odd, we had $89 million of broadcast cash flow in '11, and we expect to be meaningfully better in '13 with that. So that positions us really well going forward. So we have this opportunity to refinance debt in February of next year or earlier. And that sets us in a great position to then continue to repay our debt to set the debt structure a little bit more differently so that we don't have to accumulate cash on our balance sheet we have so far and then to be in a better position to help deliver more value to the shareholders.

Matthew Chesler - Deutsche Bank AG, Research Division

Okay. Thanks for the color. Can I dig a little bit more to the current trends and then we'll talk about how soon you're focused. Any color, any particular categories that you wanted to highlight that are strong or weak in terms of pacing?

George L. Mahoney

Yes. We've -- obviously, for all broadcasters, the way autos -- is that auto segment is doing is really important. And it started, frankly, a little bit slow in January, which is not unusual coming out of a political year, but we've seen continuing building strength all the way through the quarter. So we like where auto is right now. We're seeing a lot of firmness in the back half of March and just as we had hoped, auto looks like it will be a very important builder for us in 2013. On top of that, restaurants and fast food look like they're also performing very well. So we're pleased with the way the quarter is going.

Matthew Chesler - Deutsche Bank AG, Research Division

Okay. So what's your focus now operationally? I'd like to definitely get to the capital structure opportunity. But in terms of managing the business, can you talk a little bit about what you can do as an organization to drive the revenue forward? But then you have some -- you've articulated some initiatives in the past.

George L. Mahoney

We have. One of the things that is important as an overarching concept is paying a lot of attention to the customer and making sure that we're focused on the customer, what the customer needs, and our new products so we can deliver both to viewers and also to advertisers. And so behind that, Media General has spent a lot of time in 2012 trying to build new local products in doing that successfully. We added 13 new newscasts at the end of '12, in the last half of '12, local newscasts, and 8 new variety shows, local variety shows, both with the objective of reaching farther into our markets and making sure that we are attracting as much audience as we could. Both of those have digital plays, and digital is a very important component for us going forward.

Matthew Chesler - Deutsche Bank AG, Research Division

Have you played that one out as far as you can go? Are you -- could you say that you're still in the testing phase for some of the local content programs? Are you expanding that further?

James F. Woodward

We intend to expand them further and the idea is that when we have local programming, and local is our franchise, we have local programming, we're able to not have any programming expense that goes with it. We're able to reach farther into the marketplace and attract new different audiences and try to segment audiences so that some of our daytime programming, which is designed originally to the take the place of game shows and I Love Lucy kinds of programming during the day. Now, we're starting to build some of those programs into the night. And so that's able to -- we're able to segment and pick a different part of the audience to focus on for that kind of local programming, more of an entertainment kind of a focus for those programs. And at the same time, we continue to expand in news so that we have news programming on as early as 4:30 in the morning for people who are up, probably like you and me, up at 4:30 in the morning and are interested in what's going on in their communities.

Matthew Chesler - Deutsche Bank AG, Research Division

How comfortable are you with your ratings? Do you foresee any upside to ratings that could drive the top line?

George L. Mahoney

Well, the ratings are important to us for a couple of different reasons. The NBC stations that we have are in larger markets. And so NBC ratings obviously are not terrific right now, but we were up in New York talking to NBC as recently as last week and they had a new season starting at the end of this month on the 25th, and so that programming will come back. The CBS ratings have been very good and so we're very pleased with that. The difference is our NBC markets, our larger markets, and the CBS markets are smaller markets, and a good comparer there is to -- is to see what happened with the Super Bowl this year versus 1 year ago. So Super Bowl revenues 1 year ago were about $2.8 million for us on our NBC stations. This year, our CBS stations, they were about $1.2 million. But the important thing to recognize, as Jim mentioned, in comparing odd years to odd years is that $1.2 million is about 33% higher than we did the last time CBS had a Super Bowl on, which was 2010. So we're pleased with the way things are going and we look for further strengthening from NBC.

Matthew Chesler - Deutsche Bank AG, Research Division

Yes. That topic, what you're doing with the local programming is interesting. You've talked about the traction that's happening across your footprint. Have you considered syndicating that out? Is there an opportunity? Do you have the type of content that could have broader appeal?

George L. Mahoney

I think, generally speaking, Matt, the programs that we're focusing on are very localized kinds of programs, so they're designed for local audiences. But what we're able to do is take a model that works in one market and move that same model, the same kinds of concept, so as I mentioned, trying to segment the market so that you have daytime programming that's aimed at -- with producers that are aimed at people who are at home in the mornings but then having a different producer working on programming in the evenings for that kind of a local audience. So as you begin to work with that model, you can begin to push that farther into other markets as well. So we're looking at things like that. And one of the things that we've learned, certainly with our newspaper here, is just that there's an importance to moving more quickly than people might think.

Matthew Chesler - Deutsche Bank AG, Research Division

It makes sense. Probably -- there probably are some learnings there as far as growing the digital business as well. In this morning's release, you provided the metrics around in your guidance for digital, 15%, that was the upcoming quarter? Okay. And maybe you can go into a little bit of some of the initiatives that are driving that.

George L. Mahoney

Yes, I think it would be great. Jim, would you take that, because Jim has digital reporting up through him.

James F. Woodward

You're right, the lessons that we learned from being a newspaper company and applying them, it gives us truly an opportunity what we think to leap ahead in digital and not make the incremental stuffs. And it started with some back offs, some systems. We replaced our content management system. We have a much more webcast-centric system and that will be -- the rollout of that, talk about moving fast, we'll have done that for 18-plus websites in less than 75 days. And that gets us out of the technology arm of it because we did have kind of a homegrown system, so we can focus on content and sales in digital and we now have a good system that is a broadcast-centric system. And that allows us to do all the visual aspects that you could think of that people would expect from broadcast, including more video. And including the opportunities to sell that video to piggyback into YouTube and all the other places that we can go with it. So it's those types of things and the product suite that we have to sell in digital, it's pretty much start to finish. I mean if you want to do search, you want to do banner, you want to do targeting on just about anything, we have the products and the tools and more importantly, the sales staff has been well trained in how to do that. We have some digital-only sellers in a lot of our markets. All of our salespeople are expected to sell digital. All of them are, but we have put digital-only sellers in some markets. And back to what George was saying, some pilots were showing some promise and we quickly accelerated that into other markets. And those things are working well for us and have great promise in the future.

Matthew Chesler - Deutsche Bank AG, Research Division

Our last presenter was, for the company, was Rentrak, your customer there. Can you talk about the experience you've had in the market where you're subscribing to that data?

George L. Mahoney

We're very pleased that they're there. Let me ask Jim to take up a little bit of that and then explain a little bit our history with Rentrak?

James F. Woodward

Yes, Rentrak, we went into Rentrak with a market. We tried to test it out and then we have expanded that into several other markets. And we're finding it to be very effective selling tool at the local level. The national agencies haven't picked it up yet. They're still selling off of, so I think that will be something that -- to come down the road. But...

Matthew Chesler - Deutsche Bank AG, Research Division

Is there any reason why you wouldn't expand it to more markets?

George L. Mahoney

We'll, we're trying to make sure that it will work and play in the various market, instead of just painting it all -- painting every market with the same brush immediately. And, plus, you're paying for Rentrak and Nielsen, too, so you've got to balance that, right? But yes, the -- so it's providing a good local tool for the local sellers and local advertisers, it gives them a different slice of the information.

Matthew Chesler - Deutsche Bank AG, Research Division

And then on Retrans, can you talk about where you're at with your affiliates?

James F. Woodward

Retrans is a very happy subject for us. So you saw that we had terrific numbers in 2012 and we've also said that we expect our Retrans numbers to grow by another 50% in 2013. In addition, we have contract coming up this summer with DISH and we have 2 more at the very end of this year. The DISH contract is for about 11% of our subscribers and we have Charter coming up at the very end of the year. That's another 11% of our subscribers, and Comcast for another 6%. So all-in, that's about 28% more of our subscribers that we will be renegotiating for during the course of this year. So that's a really nice number. We're really pleased with the Retrans numbers that we've seen so far. It is great for broadcasters to finally be getting paid a little bit of what they're worth.

Matthew Chesler - Deutsche Bank AG, Research Division

Right. Where would you see this developing on a net -- netting out in payments?

James F. Woodward

It will be a long time between before it really nets for us, and the reason for that is that the network Retrans -- I'm sorry, the network reverse comp that we pay, we're only paying right now to NBC, and that's the way that will stay for quite a while. It's not until the summer of 2014 that we have our ABC affiliation agreement come up for renewal. That's 1 station. And then, our CBS stations, there are 8 of those, come up for renewal at the very end of 2014, and those contracts expire over the first several months of 2015. So during all of that time, we're keeping the Retrans money, because we're not paying reverse comp on those other contracts, so we're keeping all of that revenue and it all drops to the bottom line. So over a very long period of time, we think that Retrans and reverse comp will net out to about 50-50. But for Media General, because of the timing that we've seen, the story's a much better than that.

Matthew Chesler - Deutsche Bank AG, Research Division

You said 50%? You're guiding 50% growth in [indiscernible]?

George L. Mahoney

I think it's over a very long period of time. So out past 2015, that's the way things will look. We don't mind the a bit of sharing with the networks. We need them to deliver good programming to us, and so we're pleased with that. I think they also appreciate the fact because they need strong affiliates and so it feels like it's a 50-50 kind of a split coming out of the other side. We'll see, time will tell.

Matthew Chesler - Deutsche Bank AG, Research Division

Okay. Let's talk a little bit about the spectrum and the incentive auctions. Haven't yet come across many broadcasters that were dying to kind of participate in that, but I suppose there's always a first.

George L. Mahoney

Media General will not be that first that you talk to. I think that if you talk to network affiliates, I think the story that you'll almost always hear is we're not interested in taking part in the auction. And that is absolutely true with Media General. It is important to note that Media General was one of the early players in Pearl and the MCV Group and so Media General had an early look at mobile DTV. How that shakes out is not as important as the fact that we understand the different uses for our spectrum. And so spectrum is important for broadcasters to innovate. Spectrum is important for, even now, the secondary channels in which we're seeing good growth. And so there's absolutely no way that Media General will be particularly in an auction giving up spectrum. Frankly, having seen what we're seeing with secondary channels, we'd like to have more.

Matthew Chesler - Deutsche Bank AG, Research Division

The mobile TV, how to use the -- this is just the use case -- potential use case for your spectrum, how would you see the mobile TV and other second-screen playing their efforts?

George L. Mahoney

The important thing to focus on there, I think, is that we want to be sure that we're reaching the customer where the customer is interested in listening or in viewing us. So if there's an opportunity with mobile DTV and we're pleased with the way that's unrolling right now, if there's an opportunity there, the mobile DTV audience tends to be more of a daytime audience. So to the extent that we can grow audience during the daytime, that's a whole new world for broadcasters. So that's very exciting. And so, if that works and so the use of spectrum in that fashion materializes and begins to really get some good traction, and we think it will, that's terrific. But at the same time, Media General is interested in reaching the customer however the customer wants to be reached. And so, we've started experimenting now in a couple of markets with SyncBack and so that programming, which is a streaming kind of a technology, is carried over the phone companies' spectrum -- phone companies' appliance. And so if that's the way the customers want to receive their television programming, that's terrific. That's where we'll be as well. So it doesn't really matter to us how that comes out. The important thing for us is that we're paying attention to what the customer would like us to do and that we're there and we're there early when they want us to be.

Matthew Chesler - Deutsche Bank AG, Research Division

Would you ever consider going beyond those 2 areas and doing like a simulcast, a web-based simulcast? Or is there any, what, rights issues you would need to...

George L. Mahoney

There are rights issues and so the SyncBack agreement that we have is for the kind of local programming like talk news, they talk about our news and local variety kinds of programming. But to the extent that gets cleared. And you've seen some interest in SyncBack at the network level in the last couple of months, to the extent that the programming gets cleared then that -- those programs will be available too on streaming basis for customers, if that's how have they want to watch our programs.

Matthew Chesler - Deutsche Bank AG, Research Division

You got real training, right? Is it just Austin [ph] area? Why -- at this conference, there's lots of discussions about disintermediation and why is that not a threat to your role?

George L. Mahoney

Well, I don't think that the area model is going to survive the way it is. If it does survive, we'll figure out a way to get paid for it. We know that. But at the end of the day, that group is facilitating retransmission of our broadcast programming and we think we ought to be paid for that.

Matthew Chesler - Deutsche Bank AG, Research Division

So let's talk little bit about the opportunity for equity. So you're free cash flow. Because of the cap structure, you're free cash flow is not going to be as strong in 2013 as your peers. You haven't guided to it but what are some of the puts and takes on that this year?

George L. Mahoney

Jim, you want to take that?

James F. Woodward

Yes. The first one is, as you said, that the cap structure and opportunity to refinance the debt and just let me take this moment to level set that. We have $300 million of a term loan from Berkshire Hathaway that is due in 2020. And these are principal amounts. And then we have $300 million bond that are due in 2017 but callable in February of 2014. And we don't believe that we'll have to wait until 2014 to refinance of them, the make whole premium now is just too high and there's no point in levering up the company. So we refinanced the bonds and as we said in the press release, every 100 basis points is $3 million of cash to them. And also at the same time, we refinance the bonds they -- we do that in a way that allows us to pay off debt in the future. I mean, we ended the year with over $37 million on the balance sheet. We didn't have a way to pay down debt. So that's one of the puts and takes. The capital structure is driving a lot of the cash. Our cash flow numbers in '13 but we believe that we will be able to take that out in a meaningful way in hopefully the fourth quarter of this year, if not sooner.

Matthew Chesler - Deutsche Bank AG, Research Division

Are your bankers coming to you and telling you what rate they think you can get?

James F. Woodward

7% [ph] to 8% [ph], and I'm shooting for the low-end.

Matthew Chesler - Deutsche Bank AG, Research Division

Okay. So and then the Berkshire term loan? Is that due until...

James F. Woodward

2020.

Matthew Chesler - Deutsche Bank AG, Research Division

2020. Is there any flexibility on that until then?

George L. Mahoney

I will say, yes, because of the relationship that we have with Berkshire Hathaway. We traded 18 lenders for 1. Okay? And so, yes, I'd like to think that they be open to a conversation. There are no conversations going on but times change.

Unknown Analyst

What's the rate of that?

James F. Woodward

10.5% [ph].

Unknown Analyst

That's great. Until 2020?

James F. Woodward

Until '20, unless leverage gets down to...

Unknown Analyst

What's the size principal note? [ph]

James F. Woodward

The principal amount is $300 million.

Unknown Analyst

And the bond is $320 million?

James F. Woodward

The bond was $300 million.

Unknown Analyst

[indiscernible]

James F. Woodward

Yes.

Matthew Chesler - Deutsche Bank AG, Research Division

And you have a line, what's your line of credit?

James F. Woodward

That's with Berkshire Hathaway, that's $45 million, and we don't have anything drawn on that line of credit. And we don't anticipate having anything in a permanent way drawn in 2013 either.

Matthew Chesler - Deutsche Bank AG, Research Division

Okay. And thoughts on M&A. I think you've been pretty clear about being focused internally and organizationally. Is there something, what would it take or what are you looking for before that might change?

James F. Woodward

Well, we're looking.

Matthew Chesler - Deutsche Bank AG, Research Division

You are?

James F. Woodward

Yes. I mean, there's a lot going on out there. We are not -- we look at those things and the right transactions that will be meaningful to us and to our markets, we would be interested in it. But once again, that really goes back to getting the debt refinanced. We believe that will open up the larger market to us, the capital markets, to do more of that as well.

Matthew Chesler - Deutsche Bank AG, Research Division

Another question.

Unknown Analyst

How do we get $80 million of interest expense? Look, I've got 11 3/4 on the bonds, 10 on Berkshire, it should be more like $70 million or $65 million?

James F. Woodward

$80 million, I'm not sure where I got $80 million...

Unknown Analyst

Sure, $20 million in the fourth quarter of interest expense.

James F. Woodward

Well that -- the cash interest expense is not $80 million. It's the amortization of the discounts on the warrants that are going into that, okay? Cash interest expense is about $63 million and then you've got about $9 million of amortization. And we do focus, it is the cash interest expense that we're focused on there.

Matthew Chesler - Deutsche Bank AG, Research Division

And you have some NOLs? What...

James F. Woodward

$307 million of NOLs.

Matthew Chesler - Deutsche Bank AG, Research Division

Okay. And What do you think the benefit -- how long will the benefit for that?

James F. Woodward

They run out about 20 years. We won't pay any cash, income taxes. Or any significant income taxes for a very long time.

Unknown Analyst

The NBC -- were you paying reverse last year on NBC?

George L. Mahoney

We paid -- no, we negotiated it, the deal, but it started at the beginning of '12, so we will make a payment to them for '12 this year. And that was, I think, we said that was about $11 million.

Unknown Analyst

And when does the NBC agreement expire?

James F. Woodward

It's a 4 year agreement, so the end of '16.

End of '15, sorry.

Unknown Analyst

You said before that you're only paying on NBC. I mean, only is like 2/3 of your revenue. That's 2/3 of your company. And NBC you said it's the big market. And then you're already -- I mean 2013, you're going to have heavy reverse retrans because you have NBC in your big markets, Columbus, Tampa, Raleigh-Durham, and then you've got to retroactively pay them for last year.

George L. Mahoney

We paid them for last year and we will have -- we will be paying them reverse comp in '13.

Unknown Analyst

You think the difference between the $37 million retrans last year, something like that, minus nothing for reverse retrans, right? That's $37 million net, net of 0, right?

James F. Woodward

Last year.

Unknown Analyst

Yes. But you're paying last year, this year, so -- and then so the $37 million goes to $56 million, so will it be as much as $15 million, $20 million of reverse?

James F. Woodward

No. I think we -- in one of our release, we said it's about $8 million to $10 million, because remember the...

George L. Mahoney

So $11 million is about what we pay them for '12 and then each year of the NBC affiliation agreement adds another $8 million to $10 million. So what happens is there's a lot of money coming in on retrans, that certainly more than covers, John, not sure what your math is but...

Unknown Analyst

No, I covered it. But the net difference will be no increase at all. You had $37 million minus 0. And then this year, you'll have $56 million minus $21 million...

George L. Mahoney

No, the expense for that was accrued last year.

Unknown Analyst

Oh, it's accrued. Okay.

George L. Mahoney

Yes, it's accrued. If you're talking about the cash or the accrual, yes, the $11 million of expense is included in the $12 million.

Unknown Analyst

So it's $11 million this year. Okay, I get it.

Matthew Chesler - Deutsche Bank AG, Research Division

Okay, well, I think we're nearly out of time. There's no more questions? We do have more questions. We'll just going, John.

Unknown Analyst

The biggest issue remains the pension liability, which is I don't know what other word to use except, enormous. Can you just talk about how variable that could be, how -- I mean, what you do you see as mandatory payments in the next 2, 3 years or so as a guess?

James F. Woodward

Figured you'd want me to do this one.

George L. Mahoney

Go ahead.

George L. Mahoney

It's going to be about $4.5 million this year, okay, of cash payment. And then next year, it really depends on what Congress does with funding relief. Is to what that is. But the volatility of that, the discount rate went down a little over 100 basis points this year and that added $30 million-plus to the liability. The same thing could happen next year in reverse, so $30 million of a liability is just wiped out next year.

George L. Mahoney

It's important to note, John, too, that those -- that pension plan is fully frozen, so there are no new entrants into it. So there's no new exposure on that side. This is purely a question of the discount rate.

James F. Woodward

And so just, it depends on that it's volatile, and if you go back and look over the last couple of years, you can see where it's moved up and down with the discount rate.

Unknown Analyst

I don't know [indiscernible] discount rate. What discount rate [indiscernible]?

George L. Mahoney

We used the discount rate of 375 this year.

Unknown Analyst

[indiscernible]

James F. Woodward

For 1 year, it's a balance sheet -- it's a year -- it's a balance sheet measurement at year end.

Unknown Analyst

The going interest rate went up 100 points and you knocked off $40 million of liability, how would that affect the mandatory payment in '14? Does that have any effect?

James F. Woodward

Very little, because that's the accounting side and then the PBGC really does the funding side. It does have some impact on investment returns, which we had a good year on investment returns on the pension plan, it affects the funding as well. One [indiscernible].

Matthew Chesler - Deutsche Bank AG, Research Division

Okay, that's about it. Well, thank you both for being here.

George L. Mahoney

Thank you very much for having us. We have enjoyed it. As I've said, it's an exciting time for Media General and we expect to show good results in 2013 and have a lot of new interesting news on the financing side, which will then further assure our cash [ph] flow.

Matthew Chesler - Deutsche Bank AG, Research Division

Okay. Well, we look forward to tracking your progress.

George L. Mahoney

I just wanted to say that 2014 will be even a better year for us creating even greater free cash flow.

Matthew Chesler - Deutsche Bank AG, Research Division

We will look forward to it. Thank you, once again, for your time.

George L. Mahoney

Thanks, Matt.

James F. Woodward

Thank you.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Media General's CEO Presents at Deutsche Bank's DbAccess 21st Annual Media and Telecom Conference (Transcript)
This Transcript
All Transcripts