Jun. 30, 2014, 11:03 AM
- TV broadcaster stocks are higher off of momentum built up last week after the Supreme Court's ruling in the Aereo case went well for the sector.
- The demise of Aereo means billions of dollars in retransmission fees are protected to a larger degree.
- Advancers: Nexstar Broadcasting (NXST) +3.3%, Sinclair Broadcasting (SBGI) +1.8%, Gray Television (GTN) +2.2%, Media General (MEG) +2.4%.
Jun. 25, 2014, 12:11 PM
- Sinclair Broadcast (SBGI +14.1%), Media General (MEG +10.4%), E.W. Scripps (SSP +7.9%), Gray Television (GTN +7.5%), Meredith (MDP +4.3%), Gannett (GCI +3.8%), and Nextar (NXST +15.6%) are taking off after the Supreme Court ruled (by a 6-3 vote) Aereo's TV streaming service is illegal.
- National broadcast network owners are generally showing more moderate gains.
Jun. 23, 2014, 11:14 AM
- Media General (MEG -0.9%) announces it will purchase the ABC affiliate in Harrisburg, Pennsylvania for $83.4M in cash.
- The station is owned by Allbritton Communication which is being acquired by Sinclar Broadcasting Group (SBGI +0.3%).
- The sale is part of Sinclair's plan to divest assets in connection with the merger.
May. 28, 2014, 3:29 PM
May. 12, 2014, 1:20 PM
- TV broadcast stocks are outperforming for the day after the sector was tapped by M.D. Sass to soar.
- The investment firm notes there is a disconnect between the 10% of carriage fee revenue broadcasters haul in compared to the 35% of total viewing they account for across the industry. A normalization of the revenue mix is in the "early inning," according to Sass.
- A timely initiation by Wells Fargo of Media General at Outperform is also giving a boost.
- Gainers: E.W. Scripps (SSP) +7.6%, Nexstar Broadcasting (NXST) +5.7%, Media General (MEG) +4.8%, Liberty Interactive (LVNTA) +1.9%, Sinclair Broadcast Group (SBGI) +1.9%, Gray Television (GTN) +1.7%.
May. 1, 2014, 8:20 AM| Comment!
Apr. 28, 2014, 8:20 AM
Mar. 21, 2014, 9:15 AM
Mar. 21, 2014, 8:00 AM
- The combined company will be the 2nd largest pure-play TV broadcasting company, with 74 network-affiliated owned or serviced TV stations across 46 markets, reaching about 23% of U.S. TV households.
- LIN Media owners will receive $763M in cash and 49.5M shares of Media General (MEG) - total consideration of about $27.82 per share based on MEG's most recent 20-day average price. Lin closed last night at $14.90.
- Upon closing, Lin CEO Vincent Sadusky will become CEO of the new company to be named Media General.
- CC at 10 ET
- Press release
Mar. 17, 2014, 2:22 PM
- A dour warning from Wells Fargo on broadcaster stocks is wreaking havoc in the sector.
- The group is giving up much of the M&A premiums it had built up over the last few months.
- Decliners: Gray Television (GTN) -12.5%, Nexstar Broadcasting (NXST) -9.1%, inclair Broadcast Group (SBGI) -7.4%, E.W. Scripps (SSP) -5.4%, Entravision Communication (EVC) -2.7%, Media General (MEG) -5.0%.
- The PowerShares Dynamic Media ETF (PBS) is under-performing a bit today due to its exposure to the group.
Feb. 27, 2014, 8:21 AM
Jan. 2, 2014, 12:25 PM
- Sell-siders scratched their heads when in May 2012 Berkshire Hathaway (BRK.A, BRK.B) agreed to buy 63 newspapers for $142M from Media General (MEG -1.3%), and provide $445M in loans to the company. Was The Oracle's love of newspapers interfering with his business judgement?
- It turns out Berkshire received 4.65M "penny warrants" as part of the deal which it exercised in September 2012 - the stock's about a 5-bagger since, and Berkshire's 17% stake is worth $105M. Buffett could sell today and recover most of the $142M paid for the newspapers while still owning them.
Dec. 18, 2013, 2:27 PM
- TV station M&A activity soared in 2013 to $10.9B through the first 11 months of the year to quadruple last year's pace.
- Sinclair Broadcasting (SBGI +1%) was the busiest of the bunch with nine separate TV station acquisition deals, although nearly every large player was active.
- Related stocks: Belo (BLC), Nexstar Broadcasting (NXST), E.W. Scripps (SSP), Media General (MEG), Gray Television (GTN), Tribune (TRBAA).
Nov. 27, 2013, 10:03 AM
Nov. 8, 2013, 4:56 PM| Comment!
Oct. 18, 2013, 1:01 PM
- Dish Network (DISH +0.3%) files a complaint against Media General (MEG -1%) in which it accuses the company of failing to negotaite in good faith on a lapsed retransmission contract.
- It appears that Media General might be playing a strategic waiting game with its acquisition by Young Broadcasting expected to be finalized down the road.
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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