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Media General (MEG)

  • Mon, Sep. 28, 6:59 AM
    • Nexstar Broadcasting Group (NASDAQ:NXST) fires off an offer to Media General (NYSE:MEG) aimed at acquiring the company for a deal value of $14.50 per share.
    • MEG +21.08% premarket to $13.50.
    | Mon, Sep. 28, 6:59 AM | Comment!
  • Thu, Sep. 24, 6:05 PM
    • AT&T (NYSE:T) is getting close to a couple of programming blackouts, with no carriage deals on a couple of deadlines looming at the end of the month.
    • Tribune Media (NYSE:TRCO) and its flagship WGN may go dark on U-verse Oct. 1, the company is warning viewers.
    • Meanwhile, Media General (NYSE:MEG), which operates 71 stations in 48 local markets, is in a dispute with AT&T's DirecTV (NASDAQ:DTV) that could black out stations Oct. 1. Interestingly, in pointing viewers away from DirecTV, Media General recommends U-verse as one alternative.
    • As always, negotiations are under wraps, but DirecTV homes in on a requested increase, saying that "Media General is threatening to block your station’s signal unless they receive more than double the current fees."
    • After hours: T -0.2%; TRCO -0.8%.
    | Thu, Sep. 24, 6:05 PM | 6 Comments
  • Wed, Sep. 16, 9:23 AM
    • Media General (NYSE:MEG) says it's signed a long-term affiliation deal with ABC TV (NYSE:DIS), incorporating the bigger ABC station portfolio that acquisitive Media General has taken on, until 2021.
    • The local broadcaster operates 71 stations in 48 markets; the deal with ABC covers its network affiliates in 12 markets, reaching 6M TV households.
    • "Media General is one of our larger affiliate groups and this long-term, comprehensive agreement assures that the value of our mutually beneficial relationship is fully recognized," says Disney's John Rouse.
    | Wed, Sep. 16, 9:23 AM | Comment!
  • Mon, Sep. 14, 7:55 PM
    • If you're looking for the happy shareholders in the $2.4B merger of Meredith Corp. (MDP -2.6%) and Media General (MEG -2.4%), you may need to look a while longer, Benchmark Capital notes.
    • The firm hosted a media-heavy conference at which many attendees wanted to discuss the merger, which isn't a sure thing. Media General shareholders aren't happy about the price tag their company's paying and the deals it might crowd out; Meredith holders see a "modest" premium and lament a potential deal with Time Warner Publishing where synergies might have meant a $60/share consolidated value.
    • Meredith closed today at $48.15 vs. the deal price of $51.53, which was a 12% premium to the Sept. 4 closing price.
    • Benchmark thinks the deal is likely to close eventually as positives are “getting lost in the noise, including retrans synergies and a significant boost to Media General’s digital monetization strategy along with a consolidated 25% FCF yield." It holds Buy ratings on both stocks.
    • Previously: Urge to merge may be necessity for TV broadcasters (Sep. 08 2015)
    • Previously: Meredith jumps 9.5%, Media General slips 6.3% in reaction to $2.4B tie-up (Sep. 08 2015)
    | Mon, Sep. 14, 7:55 PM | Comment!
  • Tue, Sep. 8, 9:57 PM
    • The $2.4B combination of Media General (NYSE:MEG) with Meredith Corp. (NYSE:MDP) had the distinction of pushing M&A value in 2015 to an all-time record by early September ($1.503T in announced transactions, surpassing 1999's $1.497T), but when it comes to local broadcasters, industry consolidation may be a no-choice alternative.
    • Station owners face a challenging negotiating position with content creators, Miriam Gottfried notes, even as declines in ratings and ad sales pressures everyone. Broadcast station owners have high margins, a fact that some content owners (CBS more than many others) are pressing in tough retransmission negotiations.
    • Streaming services might go without them as well, as Sling TV has. Getting bigger (as acquisitive Media General was doing even before the Meredith deal) may help strengthen their hand, but the FCC is getting involved in retrans rule-making and may be biased against local broadcaster power as well.
    • Previously: Meredith jumps 9.5%, Media General slips 6.3% in reaction to $2.4B tie-up (Sep. 08 2015)
    • Previously: Media General to buy Meredith for $2.4B (Sep. 08 2015)
    | Tue, Sep. 8, 9:57 PM | Comment!
  • Tue, Sep. 8, 3:43 PM
    • Meredith Corp. (NYSE:MDP) is up 9.5% -- and Media General (NYSE:MEG) has now dropped 6.3% -- after today's news that Meredith would sell to Media General for $2.4B to create a local-broadcast giant.
    • The new company, to be called Meredith Media General, will be led by Meredith's CEO Steve Lacy, who'll serve as CEO and president. A 12-member board will hold eight Media General appointees and four from Meredith, with Media General chairman J. Stewart Bryan III as chairman.
    • The combination takes place just as a key season heats up: the 2016 presidential race, which means a windfall of political advertising for local broadcasters.
    • The two stocks' movement today could reflect the fact that Meredith shareholders are likely to benefit more from the deal, as Media General's pre-merger station portfolio will draw political ad revenue heavily from battleground states including Florida, Ohio, North Carolina and Iowa.
    • Meredith owns 16 stations (and operates a 17th), focused generally on fast-growing markets, including Portland, Ore.; Atlanta; Phoenix; and St. Louis. Media General owns 71 stations across 48 markets, and would end up with three in Portland after adding Meredith's two.
    | Tue, Sep. 8, 3:43 PM | Comment!
  • Tue, Sep. 8, 7:18 AM
    • Television station owner Media General (NYSE:MEG) agrees to acquire magazine publisher Meredith Corp. (NYSE:MDP) for ~$2.4B in cash and stock; including debt, the deal is valued at ~$3.1B.
    • MDP shareholders will receive cash and stock valued at $51.53/share, a 12% premium to MDP's closing stock price on Sept. 4.
    • The companies say the deal will create the third-largest local TV station owner in the U.S., with 88 TV stations that reach 30% of U.S. TV households.
    • The companies say they expect $80M in synergies within the first two years.
    | Tue, Sep. 8, 7:18 AM | 5 Comments
  • Wed, Sep. 2, 5:18 PM
    • TV station operator Media General (NYSE:MEG), up 1.2% after hours, has set Sept. 14 as the broadcast debut of its original show Hollywood Today Live, a one-hour daily news/variety program.
    • The show will air in 12 markets of Fox Television Stations (FOX, FOXA), along with 33 of Media General's markets. As a Web show, it provided celebrity interviews; now it will produce TV from a street-level studio overlooking Hollywood and Vine.
    • Media General had hired a head of programming last month to amp up its original content, including the push for Hollywood Today Live.
    • Previously: Media General hires programming chief to boost original content (Aug. 11 2015)
    | Wed, Sep. 2, 5:18 PM | Comment!
  • Tue, Aug. 11, 11:06 AM
    • Broadcaster Media General (MEG -2.5%) is cementing a move into original content by hiring a head of programming, Tony Optican.
    • Optican has program development/launch experience from MGM, Fox, Syfy, and FremantleMedia.
    • He'll be charged with developing a strong content strategy as well as building out the company's current efforts, including variety show Hollywood Today Live, heading to two-thirds of Media General's markets by mid-September.
    | Tue, Aug. 11, 11:06 AM | Comment!
  • Thu, Aug. 6, 10:42 AM
    • Media General (NYSE:MEG) is reeling, -20%, after its Q2 earnings featured misses on top and bottom lines despite revenue doubling Y/Y.
    • Revenues of $321M (up 108%) included digital revenues of $36M (up 512%). EBITDA of $91M was down 2% but beat an expected $86.9M.
    • Net local revenues were up 9% to $220M. Net national revenues dropped 2% to $53M.
    • Net debt on June 30 was $2.22B; cash and equivalents were $72M.
    • The company's guiding to Q3 net revenues of $316M-$329M, light of a consensus expectation for $333M.
    • Press Release
    | Thu, Aug. 6, 10:42 AM | Comment!
  • Thu, Aug. 6, 7:34 AM
    • Media General (NYSE:MEG): Q2 EPS of $0.01 misses by $0.05.
    • Revenue of $321M (+108.3% Y/Y) misses by $4.96M.
    • Press Release
    | Thu, Aug. 6, 7:34 AM | Comment!
  • Thu, Jul. 16, 7:45 PM
    • After the past year's detailed negotiations with affiliates to get on board CBS All Access, the streaming service has built some significant recent momentum.
    • The service is available in 124 markets -- about 75% of the country -- due to participation from about 40 affiliate groups added on to CBS-owned stations. (The live local offering is available in 59 markets reaching a little more than half the country; other markets still have 7,000 episodes on demand.)
    • Recent deals with Media General (NYSE:MEG), Scripps (NYSE:SSP), and Sinclair (NASDAQ:SBGI), among others, will bring CBS All Access to markets including Portland, Ore.; Nashville, Tenn.; and Cincinnati, among others.
    | Thu, Jul. 16, 7:45 PM | Comment!
  • Wed, Jul. 15, 12:47 PM
    • Media General (MEG +1%) stations -- including affiliates from each of the Big Four broadcast nets -- have gone dark on Mediacom's cable system as the two failed to come to a new retransmission renewal.
    • That meant subscribers in three markets missed baseball's All-Star Game (which Fox showed last night).
    • The usual they-said arguments are being applied. Mediacom says it's been negotiating extensively but that Media General is demanding more than double per-subscriber prices from the previous deal; meanwhile Mediacom has often ended up as the subject of retransmission-related blackouts.
    • Hanging over the increasing number of blackouts is the prospect that the FCC could start to step into retransmission negotiations, as some cable transmitters have urged them to do.
    | Wed, Jul. 15, 12:47 PM | Comment!
  • Thu, May 7, 7:43 AM
    • Media General (NYSE:MEG): Q1 EPS of -$0.06 misses by $0.03.
    • Revenue of $297M (+106.3% Y/Y) misses by $3.07M.
    • Press Release
    | Thu, May 7, 7:43 AM | Comment!
  • Tue, Apr. 14, 5:36 PM
    • Top gainers, as of 5:15 p.m.: RSYS +8.6%. BBG +3.8%. MEG +3.4%. PNK +2.9%. CSX +2.8%.
    • Top losers, as of 5:15 p.m.: SYRG -5.5%. GTE -5.5%. COTY -5.1%. BCEI -4.6%. AGX -3.9%.
    | Tue, Apr. 14, 5:36 PM | Comment!
  • Mon, Apr. 6, 9:21 AM
    • Media General (NYSE:MEG) has named Julio Marenghi -- formerly ad sales president for Tribune Broadcasting -- its chief revenue officer, Broadcast Operations.
    • Reporting to COO Deb McDermott, he'll take responsibility for development and execution of ad sales plans for the company's 71 TV stations.
    | Mon, Apr. 6, 9:21 AM | Comment!
Company Description
Media General Inc is a provider of news, information and entertainment across network-affiliated television stations, digital media and mobile platforms, serving consumers and advertisers in local markets in the Southeastern United States.