Key Developments: Media General Inc (MEG.N)

MEG.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Media General Inc and LIN Media LLC announces agreements to divest television stations in five markets
Wednesday, 20 Aug 2014 11:15am EDT 

Media General Inc and LIN Media LLC:Says definitive agreements to divest television stations in five markets.Closing of pending transaction is conditioned on expiration of waiting period under Hart-Scott-Rodino Antitrust Improvements Act and receipt from Federal Communications Commission of consent to transfer of control of broadcast licensee subsidiaries of Media General and LIN Media.Regulatory authorities will require divestiture of stations in following markets to comply with applicable law: Birmingham, AL, Providence, RI-New Bedford, MA, Mobile, AL-Pensacola, FL, Green Bay-Appleton, WI, and Savannah, GA.Companies believe that no other market divestitures will be required.Sinclair's FOX and CW affiliates in Colorado Springs-Pueblo, CO market and Sinclair's MyNetworkTV affiliate in Tampa-St. Petersburg-Sarasota, FL market (WTTA-TV).Sinclair will acquire Media General's NBC affiliate in Providence, RI-New Bedford, MA market (WJAR-TV) and LIN Media's FOX and CW affiliates in Green Bay-Appleton, WI market (WLUK-TV and WCWF-TV, respectively).Sinclair will also acquire certain assets of WTGS-TV, FOX affiliate in Savannah, GA market, and rights to acquire principal assets of WTGS-TV from WTGS Television, LLC.Hearst Corporation will acquire Media General's NBC affiliate in Birmingham, AL market (WVTM-TV) and LIN Media's ABC affiliate in Savannah, GA market (WJCL-TV).Meredith Corporation will acquire LIN Media's FOX affiliate in Mobile, AL-Pensacola, FL market (WALA-TV).  Full Article

Media General Inc and LIN Media announce amendment to merger agreement
Wednesday, 20 Aug 2014 08:45am EDT 

Media General Inc and LIN Media LLC:Amendment their merger agreement for their strategic business combination originally announced on March 21.Boards of Directors of both companies unanimously approved the amendment to the merger agreement and continue to recommend approval of the transaction.The merger consideration for each LIN Media common share will now be either $25.97 in cash or 1.4714 shares of the new holding company.RBC Capital Markets, LLC is providing financial advice.Fried, Frank, Harris, Shriver & Jacobson LLP is serving as legal advisor to Media General.J.P. Morgan is providing financial advice and Weil, Gotshal & Manges LLP is serving as legal advisor to LIN Media.  Full Article

Media General to acquire WHTM TV of Harrisburg PA from Sinclair Broadcast Group
Monday, 23 Jun 2014 11:02am EDT 

Media General Inc:Says definitive agreement with Sinclair Broadcast Group Inc.Under terms of which Media General will purchase WHTM TV, Channel 10, an ABC affiliate in Harrisburg, Pennsylvania, currently owned by Allbritton Communications, for $83.4 mln in cash.Sinclair previously announced that it would seek to divest the station in connection with its pending acquisition of Allbritton's broadcasting properties.  Full Article

Media General Inc announces pricing of secondary public offering of 4,213,433 shares
Thursday, 1 May 2014 07:40pm EDT 

Media General Inc:Says that certain of its stockholders have agreed to sell 4,213,433 shares of the company's voting common stock in a registered underwritten secondary public offering at a price of $15.50 per share.The selling stockholders also granted the underwriters a 30-day option to purchase up to an additional 632,014 shares of voting common stock from the selling stockholders.The Company will not receive any of the proceeds of this offering.The offering is expected to close on May 7.Wells Fargo Securities acted as the lead book-running manager and representative of the underwriters for the offering.RBC Capital Markets and UBS Investment Bank acted as book-running managers for the offering.Wedbush Securities, The Benchmark Company and SunTrust Robinson Humphrey acted as co-managers for the offering.  Full Article

Media General Inc announces secondary public offering of 9,000,000 shares of voting common stock by selling stockholders
Monday, 28 Apr 2014 04:18pm EDT 

Media General Inc:Says that certain of its stockholders intend to offer for sale 9,000,000 shares of the company's voting common stock in a registered underwritten secondary public offering.Selling stockholders also expect to grant the underwriters a 30-day option to purchase up to an additional 1,350,000 shares of voting common stock from the selling stockholders.Says it will not receive any of the proceeds of this offering.  Full Article

Media General and LIN Media to merger
Friday, 21 Mar 2014 07:40am EDT 

Media General Inc and LIN Media LLC:Definitive merger agreement that will create second largest pure-play television broadcasting company in U.S.Under terms of agreement shareholders of LIN Media will receive aggregate consideration valued at $1.6 bln in combination of stock and cash, or about $27.82 per share.Transaction enterprise value is about $2.6 bln.Media General has formed new holding company, which after closing will be named Media General.Media General shareholders will receive one share of new holding company for each share of Media General that they own upon closing.Aggregate cash amount available for LIN Media shareholders electing cash is $763 mln.Upon closing of the transaction, LIN Media shareholders will own about 36 pct of fully-diluted shares of new holding company.Media General and LIN Media will own and operate or service 74 stations across 46 markets, reaching about 26.5 mln households, or 23 pct, of U.S. TV households.  Full Article

Media General Inc dismisses auditor - Form 8-K
Tuesday, 18 Feb 2014 04:27pm EST 

Media General Inc:Says on Feb 12, it notified PricewaterhouseCoopers that they were dismissed following the completion on Jan 29 of their procedures with respect to Young’s financial statements as of and for the three and nine months ended Sept 30, 2013.  Full Article

Media General Inc And DISH Network Corp's DISH Network L.L.C. Reach Retransmission Consent Agreement
Saturday, 16 Nov 2013 04:20pm EST 

Media General Inc and DISH Network L.L.C., a wholly owned subsidiary of DISH Network Corp announced that they have reached an agreement for carriage of Media General's television stations in 17 markets. Terms of the agreement were not disclosed. Media General stations in the following markets will be available to Dish subscribers effective November 16, 2013: Augusta, Ga.; Birmingham, Ala.; Charleston, S.C.; Columbus, Ga.; Columbus, Ohio; Greenville, N.C.; Greenville/Spartanburg, S.C.; Hattiesburg, Miss.; Jackson, Miss.; Mobile, Ala./Pensacola, Fla.; Florence/Myrtle Beach, S.C.; Providence, R.I.; Raleigh/Durham, N.C.; Roanoke/Lynchburg, Va.; Savannah, Ga.; Tampa/St. Petersburg, Fla. and Tri-Cities, Tenn./Va.  Full Article

Media General Inc And Young Broadcasting Announce Merger Agreement
Thursday, 6 Jun 2013 07:00am EDT 

Media General Inc and privately held New Young Broadcasting Holding Co Inc announced a definitive agreement to combine the two companies in an all-stock merger transaction. The new company will retain the Media General name and will remain headquartered in Richmond, VA.  Full Article

Media General Inc Comments On FY 2013 Revenue Guidance-Conference Call
Thursday, 31 Jan 2013 07:30pm EST 

Media General Inc announced that for fiscal 2013, it expects total revenues to decrease from fiscal due to the absence of nonrecurring political and other event-driven revenues. The Company reported revenue of $359.72 million in fiscal 2012. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $290.30 million for fiscal 2013.  Full Article

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American Apparel appoints RadioShack CEO to board

- American Apparel Inc , a U.S. retailer dealing with high debt and management upheaval, said on Wednesday that the chief executive of another money-losing retailer would join its reshuffled board.

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