Media General (MEG) - NYSE
  • Wed, Jul. 13, 7:20 PM
    • Nexstar Broadcasting (NXST +0.3%) has launched an offering of $900M in debt, to be used for its Media General (MEG -0.6%) merger.
    • Subsidiary Nexstar Escrow will offer up to that amount in new senior notes due 2024, in a private offering.
    • Proceeds will be held in escrow, and will likely be used to help fund the Media General purchase, along with repaying existing credit facilities and existing indebtedness at Media General, along with other fees and expenses tied to the deal.
    • Total debt at last report was $1.51B.
    | Wed, Jul. 13, 7:20 PM
  • Fri, Jul. 1, 3:33 PM
    • The FCC says it will reveal the names of bidders in the forward auction portion of the broadcast incentive spectrum auction, setting the start of the next phase likely in mid-July.
    • There are about 100 parties eligible to bid and they have a payment due by 5 p.m. today, which will validate a final list. A 15-business-day period has to follow public notice of the bidders.
    • The reverse auction concluded this week with the agency needing to raise $88B to cover $86.4B in payments to broadcasters, a sum that could mean changes to the process (including multiple rounds) as the FCC works to scare it up.
    • Spectrum players: VZ, T, TMUS, S, DISH, SBGI, EVC, CMCSA, CHTR, NXST, CBS, MEG
    | Fri, Jul. 1, 3:33 PM | 30 Comments
  • Wed, Jun. 29, 7:45 PM
    • The FCC has set the cost of the spectrum being sold in the broadcast spectrum incentive auction at a whopping $86.4B -- a sum that wireless carriers may balk at.
    • That means that the FCC might have to sell less spectrum than had been expected, or use multiple rounds to settle bidding by broadcasters.
    • The current stage is the reverse auction, where broadcasters bid low to give up their low-band airwaves to the FCC -- and participation has been strong from broadcasters who might have "significantly inflated expectations," says analyst Roger Entner. That's to be followed by a forward auction round of bidding by carriers.
    • A second round of reverse auction with the broadcasters may be needed, which could slow the entire process into 2017.
    • Spectrum players: VZ, T, TMUS, S, DISH, SBGI, EVC, CMCSA, CHTR, NXST, CBS, MEG
    | Wed, Jun. 29, 7:45 PM | 38 Comments
  • Fri, Jun. 3, 10:04 AM
    • Nexstar Broadcasting (NXST -2%) has agreed to divest two stations in two different markets in a $270M sale to Gray Television (GTN -3.1%), part of the shuffles in Nexstar's planned acquisition of Media General (MEG -0.7%).
    • Nexstar is selling WBAY, the ABC affiliate serving Green Bay, Wis., and KWQC, an NBC affiliate serving the Quad Cities area in Iowa (Davenport-Moline-Rock Island) to Gray for $270M in cash.
    • The divestitures are part of Nexstar's efforts to comply with FCC local/national ownership rules in conjunction with its acquisition.
    • The sale of the stations is subject to the completion of the Nexstar/Media General offer as well as FCC approval, expected to come later this year.
    | Fri, Jun. 3, 10:04 AM | 1 Comment
  • Wed, May 25, 3:47 PM
    • A ruling that orders the FCC to update media-ownership rules may play a part in the agency's review of Nexstar Broadcasting's (NXST +0.9%) $4.6B offer for Media General (MEG +0.2%).
    • The issue concerns joint sales agreements that Nexstar doesn't want to dissolve. The company has requested a nine-year waiver on those rules concerning five TV markets, while critics say a long waiver would hinder diversity that is enforced in part by a cap limiting group ownership reach to 39% of TV households.
    • A full change by the FCC may be a while coming, while it finishes the broadcast incentive spectrum auction. Meantime, broadcasters have asked the courts to "wipe all the rules off the books in response."
    • The court said that while the judiciary owes deference to agencies, “we also recognize that ‘at some point, we must lean forward from the bench to let an agency know, in no uncertain terms, that enough is enough.’ ”
    | Wed, May 25, 3:47 PM
  • Tue, May 24, 11:50 AM
    • The FCC's approach to a license transfer in Nexstar Broadcasting's (NXST +1.5%) $4.6B deal to acquire Media General (MEG +0.9%) might be indicative of a difficult review ahead.
    • Barbara Esbin, an attorney representing the American Cable Association, notes that the FCC set up the review uncommonly as a "permit-but-disclose" proceeding, which allows anyone who wants to discuss the transaction to come and talk with the FCC without parties present -- provided they then disclose the presentation they made in a filing within two days.
    • “I think this is an early sign that the FCC has concerns about this … license transfer,” she said. “This is very unusual in a broadcast license proceeding.” A significant number of petitions to deny could gum up the works for a while.
    • Source: CTFN
    | Tue, May 24, 11:50 AM
  • Fri, May 6, 12:08 PM
    • Media General (MEG +0.6%) is up slightly after its Q1 earnings showed a solid revenue buildup, and a breakup fee from its three-way merger drama with Nexstar and Meredith Corp. moved it to a headline operating loss.
    • The company paid a one-time $60M breakup fee to Meredith in January after electing to merge with Nexstar instead. Excluding that cost, operating income doubled to $52M, but incorporating that fee and restructuring expenses meant an operating loss of $18M.
    • Revenue overall rose 15.6%. Net local revenues grew 11% to $230M; net national revenues were up 1% to $50M. Digital revenues were up 25% to $38M.
    • With a presidential election year ramping up, political revenues were $16M vs. a year-ago $1M.
    • For Q2, the company's guiding to net revenues of $361M-$375M (broadcast revenues of $319M-$328M, and digital revenues of $42M-$47M). It's forecasting EBITDA of $102M-$111M, below a consensus for $113.2M.
    • Press release
    | Fri, May 6, 12:08 PM
  • Fri, May 6, 7:33 AM
    • Media General (NYSE:MEG): Q1 EPS of -$0.20 misses by $0.24.
    • Revenue of $343M (+15.6% Y/Y) beats by $2.83M.
    • Press Release
    | Fri, May 6, 7:33 AM
  • Thu, May 5, 5:30 PM
    | Thu, May 5, 5:30 PM | 5 Comments
  • Thu, Apr. 21, 1:58 PM
    • Nexstar Broadcasting (NASDAQ:NXST) is pushing back against conditions pressed for by opponents of its $4.6B deal to acquire Media General (NYSE:MEG).
    • Nexstar says there's "no evidence" that the deal will result in higher costs for consumers or other harms. In fact, if the company can get higher retrans fees, “compensating broadcasters for the value that they deliver to viewers…is not against the public interest, and is a market driver for those broadcasters to increase the value they bring to viewers, benefiting both MVPD subscribers and over-the-air viewers.”
    • Amid a bitter retransmission dispute earlier this year, Cox Communications (the third-largest cable system) said it would oppose the merger and encourage its customers to take action as well.
    • Nexstar said Dish Network and other critics "have no evidence whatsoever" to support claims that channel blackouts are likely to rise as a result of the deal. It says that like other non-vertically integrated broadcasters, it has the same economic incentive to reach deals with program distributors.
    • Now read Unwarranted Selloff Provides Opportunity In Nexstar Broadcasting »
    | Thu, Apr. 21, 1:58 PM
  • Wed, Apr. 6, 1:29 PM
    • Media General (MEG +0.6%) has amended a lawsuit it filed in a Georgia station dispute that may prove key to its planned merger with Nexstar Broadcasting (NXST +1.2%).
    • Last month Media General had decided to "go hard" against Gray Television (GTN +1.5%) and Schurz Communications over WAGT-TV in Augusta, Ga.
    • Media General had secured a lower-court injunction (since stayed) blocking Gray from taking over the station and putting its spectrum into the broadcast incentive auction, as WAGT had applied to do. WAGT's opening bid price in the auction is among the highest, at $210.4M.
    • But Media General has dropped opposition to Gray's takeover in one court while telling another that it should get all of any auction proceeds. Media General was tied up in a joint sales agreement at the station with Schurz -- the station's former owner that got bought out by Gray.
    • The FCC had made unwinding the JSA between Media General and Schurz a condition for approving Media General's merger with Nexstar.
    • Now read Past Peak Trump? »
    | Wed, Apr. 6, 1:29 PM
  • Mon, Mar. 28, 11:25 AM
    • Media General (MEG -0.4%) and Dish Network (DISH -0.3%) are set for the latest in a series of retransmission blackout deadlines, with Thursday looming for the companies' contract.
    • Dish subs in 48 markets could lose access to Media General stations, including network affiliates in San Francisco/Oakland; Colorado Springs; Portland, Ore.; Nashville, Tenn.; and elsewhere.
    • Media General says it's given Dish six weeks of contract extensions with no new deal as of yet; Dish says "Only Media General can force a blackout of its channels."
    | Mon, Mar. 28, 11:25 AM
  • Tue, Mar. 22, 3:52 PM
    • Media General (NYSE:MEG) has taken an afternoon dip, now down 2.3% on heavy volume, as dealReporter says a Georgia station dispute with Gray Television (NYSE:GTN) could hurt its chances for FCC clearance of a merger with Nexstar Broadcasting.
    • Volume in Nexstar (NXST -2.6%) has ticked up this afternoon as well.
    • Media General has decided to "go hard" against Gray and Schurz Communications over WAGT-TV in Augusta, Ga., dealReporter says -- an odd stance since Media General is seeking an OK for a broad station merger with Nexstar.
    • More on the Media General/Nexstar deal
    | Tue, Mar. 22, 3:52 PM
  • Mon, Mar. 7, 3:51 PM
    • Tribune Media (NYSE:TRCO) -- which jumped last Monday after an earnings beat and news that it would explore a sale that could include a split-up -- may be trying to sell itself in one piece, CTFN reports.
    • Parts may be a little more valuable separately, but the assets are diverse and an all-at-once sale will be easier to pull off, banker sources say.
    • One said that Tribune parts are worth about $2B-$3B more than current enterprise value.
    • Private equity may take on the task of buying the whole company and then splitting it for value. A total sale would be complicated by complicated ownership rules regarding Tribune's broadcast station portfolio; eventual buyers for those could include Sinclair (NASDAQ:SBGI), Media Genera (NYSE:MEG), Nexstar (NASDAQ:NXST) and Hubbard.
    • TRCO is up 28.9% since last week's report.
    • Previously: Tribune Media +9.3%; Q4 beats, exploring sale (Feb. 29 2016)
    | Mon, Mar. 7, 3:51 PM
  • Fri, Feb. 26, 1:14 PM
    • Media General (NYSE:MEG) is up 2%, now just 6% below its 52-week high, despite posting a Q4 earnings miss
    • Net revenues increased 69% on a headline basis; including the December 2014 acquisition of LIN Media, revenues would be down 5%. Of the net revenues, net digital revenues were up 223% to $44M. EBITDA of $116M was up 35% but missed an expected $119.7M.
    • Key revenue drivers in 2015 were an increase in automotive advertising and pay TV subscriber fees.
    • Media General is guiding to Q1 net revenues of $332M-$343M (up 12-16% but light of an expected $349M) and adjusted EBITDA of $82M-$86M (vs. consensus for $103M).
    • Conference call link
    • Press Release
    | Fri, Feb. 26, 1:14 PM
  • Fri, Feb. 26, 7:32 AM
    • Media General (NYSE:MEG): Q4 EPS of $0.12 may not be comparable to consensus of $0.22.
    • Revenue of $366M (+68.9% Y/Y) misses by $6.72M.
    • Press Release
    | Fri, Feb. 26, 7:32 AM
Company Description
Media General, Inc. engages in the provision of broadcast television and digital media services. It provides of news, information and entertainment across broadcast television, digital media and mobile platforms, serving consumers and advertisers in strong local markets. Its broadcast operations... More
Sector: Services
Industry: Publishing - Newspapers
Country: United States