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.
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
Nov. 8, 2013, 4:56 PM| Comment!
Jun. 6, 2013, 7:29 AMMore 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. | Comment!
May. 17, 2012, 11:11 AM
May. 17, 2012, 8:21 AMBerkshire 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) | 4 Comments
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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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