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.
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)
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
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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