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.
Dec. 23, 2014, 8:01 AM
Dec. 16, 2014, 5:42 PM
Dec. 15, 2014, 10:00 AM
- Select broadcast TV stocks are higher after the FCC approves the merger between Media General and LIN Media.
- Shares of the new combined company will trade under the Media General name and symbol after the deal closes later this month.
- Some media analysts think further consolidation within the sector is likely.
- Broadcasters: Media General (NYSE:MEG) +3.7%, LIN Media (NYSE:LIN) +3.0%, Nexstar Broadcasting Group (NASDAQ:NXST) +1.4%, Journal Communications (NYSE:JRN) +1.0%, Liberty Ventures (NASDAQ:LVNTA) +0.6%.
Nov. 6, 2014, 8:05 AM
- Media General (NYSE:MEG) more than tripled net income in Q3 as the impact of its merger with New Young Broadcating kicked in.
- The company brought in $21.4M in political revenue, helped by its presence in states with key Senate elections.
- Total operating costs +4% to $125M.
- SG&A expenses +5.1 to $39.4M.
Nov. 6, 2014, 7:57 AM
Oct. 6, 2014, 2:23 PM| Comment!
Sep. 15, 2014, 9:21 AM
Aug. 11, 2014, 1:45 PM
- There's some asset re-allocation going on in the media sector with a group of newspapers stocks piling on some gains - while select TV broadcaster and digital media stocks head in the other direction.
- The flurry of merger and spinoff news within the sector has created more pure-play bets and consolidated some firms into larger players.
- Analysts have noted the extra volatility in the sector has created more buy/sell opportunities than normal on mismatched valuation.
- Gainers: McClatchy (NYSE:MNI) +3.0%, Lee Enterprises (NYSE:LEE) +3.3%, New Media Investment (NYSE:NEWM) +4.4%.
- Decliners: E.W. Scripps (NYSE:SSP) -3.6%, Media General (NYSE:MEG) -2.1%, Journal Communication (NYSE:JRN) -3.4%.
- Related ETF: PBS
Aug. 5, 2014, 7:40 AM
Jul. 29, 2014, 12:45 PM
- Newspaper stocks draw some notice after New York Times (NYT -5.5%) and McClatchy (MNI -2.4%) both report a drop in print advertising revenue for Q2 that exceeded expectations.
- Though print advertising hasn't declined as fast as some skeptics forecast, a sobering statistic for the sector is that adults in the U.S only spend 2% of their media time reading newspapers - although the category still pulls in 10% of all ad dollars.
- On watch: Gannett (GCI +0.9%), Medua General (MEG), Lee Enterprises (LEE +1%), A.H. Belo (AHC +2.2%), Tribune Publishing (NYSE:TPUB).
Jul. 10, 2014, 1:22 PM
- The Dallas Morning News has shut down its premium website after a nine-month run.
- The publication is owned by A.H. Belo (AHC -0.7%).
- What to watch: The conversion of the print model to digital is an important part of the strategy of newspaper owners (MNI, GCI, MEG, NYT). Though early results have been positive for some major newspapers such as The New York Times and The Boston Globe, other papers haven't been able to swing the clout to get subscribers to pay up.
Jul. 1, 2014, 10:46 AM
- Aereo moves straight into lobbying mode after suspending business operations yesterday.
- CEO Chet Kanojia is out with a letter to clients in which he asks them to contact their Congress reps in order to support cloud-based antenna technology.
- The death of Aereo is still being baked into prices of broadcaster stocks. Sinclair Broadcasting (SBGI +2.1%), Entravision Communications (EVC +2.7%), Gray Television (GTN +1.9%), CBS (CBS +1.6%), and Media General (MEG +1.5%) are all still on the move post-SCOTUS decision.
- Aereo vs. broadcasters timeline
- Related ETF: PBS
MEG vs. ETF Alternatives
Media General Inc is a provider of news, information and entertainment across 31 network-affiliated television stations, digital media and mobile platforms, serving consumers and advertisers in strong local markets, primarily in the Southeastern US.
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