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.
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, 7:34 AM
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.
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.
Thu, May 7, 7:43 AM
Tue, Apr. 14, 5:36 PM
Mon, Apr. 6, 9:21 AM| Mon, Apr. 6, 9:21 AM | Comment!
Tue, Mar. 31, 7:31 PM
- Media General (NYSE:MEG) says its secondary offering of 6.8M shares has been priced at $16/share by the selling stockholder.
- Underwriters also got an option to purchase up to an additional 1.02M shares. The company won't receive any proceeds.
- The offering's expected to close April 7.
- Today: MEG -1.8% to $16.49.
Mon, Mar. 30, 6:03 PM
- Media General (NYSE:MEG) reports that one of its stockholders will offer 6.8M shares in a registered secondary offering, with an expected overallotment option of an additional 1.02M shares.
- RBC Capital is acting as book-running manager, and Evercore ISI is also a book runner.
- The stock closed today at $16.79, suggesting a total sale value of more than $131M if the option is exercised on extra shares.
- Shares were down 0.5% after hours.
Mon, Mar. 23, 4:46 PM
- TV-station holding company Media General (NYSE:MEG) is up 0.4% after hours as it authorizes a new buyback program of up to $120M.
- The company hoped to balance its sale of New England station WJAR-TV by using the proceeds to acquire more stations, but "we were unable to identify acquisition opportunities that met our rigorous acquisition standards," says CEO Vincent Sadusky.
- Those proceeds instead will fund the new repurchase program, which expires Dec. 31.
Mon, Mar. 23, 4:39 PM
Fri, Feb. 27, 4:25 PM
- After losing just 2.3% yesterday following Q4 earnings, Media General (NYSE:MEG) slipped 6.6% today.
- Earnings of $0.29/share missed expectations by $0.02 -- and while they swung to a gain from a $5.2M loss in the prior year, the results were driven in large part by political advertising for the midterm elections.
- The firm has been engaging in a long transition into a more modern TV broadcaster, notably with wrapping a $2.6B merger with LIN Media. This is the first earnings report since the merger closed.
- The company guided to revenues for Q1 to increase 1%-3%, for total net revenues of $295M-$301M, in line with expectations.
- Analyst consensus expects the company to earn $0.06/share in Q1.
- Q4 results; press release
Thu, Feb. 26, 7:34 AM
Sat, Jan. 24, 11:15 AM
- Shares of New York Times (NYSE:NYT) ended with a 2.74% gain last week after a report of interest by Michael Bloomberg in making an acquisition gained traction.
- 2014 was a rough year for New York Times with a drop in ad sales cutting into the impact of higher subscription prices.
- A new savvy ownership group could unlock more potential on the digital side. (see: Jeff Bezos' plans for Washington Post).
- As noted by Re/code, although Bloomberg has the required chutzpah to make a run at the NYT, the controlling Ochs-Sulzsbergers family by all appearance is a reluctant seller.
- Analysts speculate it could take an offer as high as $4B-$5B to land the company - more than double its $1.97B market cap.
- What to watch: If a mega-deal were to be struck for NYT, there's a thought that it could raise the profile on other newspapers stocks (MEG, GCI, TPUB, LEE, MNI) on M&A potential, increased investment in digital initiatives, or a similar vanity white knight play (Bezos, Bloomberg) for assets.
Dec. 24, 2014, 9:30 AM
- Media General (NYSE:MEG) announces results of the merger options presented to shareholders of LIN Media.
- The company says 81.4% of Lin shareholders took the cash option, while 15.2% opted for shares. The remaining 3.3% snoozed the decision.
- The final result of the deal is that Media General will issue 41.239M shares and pay $763M in cash to LIN Media shareholders.
MEG vs. ETF Alternatives
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.
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