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Media General (MEG)

  • 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.
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  • 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
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  • Nov. 8, 2013, 4:56 PM
    • Media General (MEG +4.4%) receives the go ahead from the FCC for its merger with New Young Broadcasting. The transaction is expected to close Tuesday.
    • The FCC also denied Informal Objections filed by Spartan-TV and Dish Network.
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  • Jun. 6, 2013, 7:29 AM
    More on the Media General (MEG)-New Young Broadcasting Holding merger (previous): The deal will create operating and financing synergies of $25M-$30M to help cash flow in the first year. The pro forma ownership split will be approximately 32.5% Media General shareholders and 67.5% Young shareholders - while the split on the board will favor the old Media General with its nine directors outnumbering Young's five directors.
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  • May 17, 2012, 11:11 AM
    Media General (MEG) surges 41% following news of Berkshire Hathaway's (BRK.A) purchase of most of MEG's stable of newspapers and the $445M of debt that Berkshire's making available. The flagship Tampa Tribune is not included in the deal.
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  • May 17, 2012, 8:21 AM
    Berkshire Hathaway (BRK.A) agrees to pay $142M to acquire most of Media General's (MEG) newspapers, including 63 daily and weekly titles in Virginia, North Carolina, South Carolina and Alabama. Berkshire also takes a 19.9% stake in Media General as part of a deal to provide the firm with a $400M term loan and a $45M revolving credit line. (PR)
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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.