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Media General (MEG)

  • 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.
    | Tue, Sep. 8, 7:18 AM | 5 Comments
  • 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)
    | Wed, Sep. 2, 5:18 PM | Comment!
  • 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.
    | Tue, Aug. 11, 11:06 AM | Comment!
  • 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, 10:42 AM | Comment!
  • Thu, Aug. 6, 7:34 AM
    • Media General (NYSE:MEG): Q2 EPS of $0.01 misses by $0.05.
    • Revenue of $321M (+108.3% Y/Y) misses by $4.96M.
    • Press Release
    | Thu, Aug. 6, 7:34 AM | Comment!
  • 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.
    | Thu, Jul. 16, 7:45 PM | Comment!
  • 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.
    | Wed, Jul. 15, 12:47 PM | Comment!
  • Thu, May 7, 7:43 AM
    • Media General (NYSE:MEG): Q1 EPS of -$0.06 misses by $0.03.
    • Revenue of $297M (+106.3% Y/Y) misses by $3.07M.
    • Press Release
    | Thu, May 7, 7:43 AM | Comment!
  • Tue, Apr. 14, 5:36 PM
    • Top gainers, as of 5:15 p.m.: RSYS +8.6%. BBG +3.8%. MEG +3.4%. PNK +2.9%. CSX +2.8%.
    • Top losers, as of 5:15 p.m.: SYRG -5.5%. GTE -5.5%. COTY -5.1%. BCEI -4.6%. AGX -3.9%.
    | Tue, Apr. 14, 5:36 PM | Comment!
  • Mon, Apr. 6, 9:21 AM
    • Media General (NYSE:MEG) has named Julio Marenghi -- formerly ad sales president for Tribune Broadcasting -- its chief revenue officer, Broadcast Operations.
    • Reporting to COO Deb McDermott, he'll take responsibility for development and execution of ad sales plans for the company's 71 TV stations.
    | 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.
    | Tue, Mar. 31, 7:31 PM | Comment!
  • 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. 30, 6:03 PM | Comment!
  • 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, 4:46 PM | 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.
    | Mon, Mar. 23, 4:39 PM | 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
    | Fri, Feb. 27, 4:25 PM | 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
    | Thu, Feb. 26, 7:34 AM | Comment!
MEG vs. ETF Alternatives
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.