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Media General (MEG)

- NYSE
  • 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.
    | Comment!
  • Mon, Mar. 23, 4:39 PM
    • Unable to find any attractive acquisition deals, Media General (NYSE:MEG) sets a $120M buyback program for the funds from the WJAR-TV sale that was completed in connection with the LIN Media merger.
    • Source: Press Release
    • Shares +0.4% after hours.
    | Comment!
  • 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
    | Comment!
  • Thu, Feb. 26, 7:34 AM
    • Media General (NYSE:MEG): Q4 EPS of $0.29 misses by $0.02.
    • Revenue of $217M (+97.3% Y/Y) beats by $24.02M.
    • Press Release
    | Comment!
  • 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.
    | 7 Comments
  • 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.
    | Comment!
  • Dec. 23, 2014, 8:01 AM
    • Media General (NYSE:MEG) says it landed an affiliation agreement for the CW Network with WISH-TV in Indianapolis.
    • CW shows will begin airing on the network on January 1.
    | Comment!
  • Dec. 16, 2014, 5:42 PM
    • Top gainers, as of 5:15 p.m.: CERS +16.5%. EWM +9.0%. CLNE +4.8%. EPAM +4.8%. IAG +4.4%.
    • Top losers, as of 5:15 p.m.: CLF -8.5%. UWTI -5.7%. NGL -4.7%. MEG -3.0%. ARO -2.7%.
    | Comment!
  • 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%.
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  • 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.
    | Comment!
  • Nov. 6, 2014, 7:57 AM
    • Media General (NYSE:MEG): Q3 EPS of $0.15 misses by $0.05.
    • Revenue of $160.22M (+20.8% Y/Y) misses by $4.13M.
    • Press Release
    | Comment!
  • Oct. 6, 2014, 2:23 PM
    • Media General (MEG -2.2%) and LIN Media (LIN -0.1%) announce that their shareholders have approved the merger of the companies.
    • The combined entity will keep the Media General name and be headquartered in Richmond, Virginia.
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  • Sep. 15, 2014, 9:21 AM
    • CBS (NYSE:CBS) announces it renewed all of its affiliate agreements with Media General (NYSE:MEG).
    • The long-term deal covers 12 different markets, in which Media General's CBS affiliate ranks first in ratings for most.
    | 1 Comment
  • 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
    | Comment!
  • Aug. 5, 2014, 7:40 AM
    • Media General (NYSE:MEG): Q2 GAAP EPS of $0.08
    • Revenue of $154.1M (+11.8% Y/Y) beats by $0.77M.
    • Press Release
    | Comment!
  • 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).
    | 1 Comment
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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.