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Last week Media General (“MEG”) came up with a very favorable announcement whereby it reached an agreement to sell its newspaper division, excluding the Tampa Tribune, to Warren Buffett’s BH Media Group for $142MM. In addition, Buffett would also provide MEG with a new Term Loan and revolver in exchange for roughly 20% of additional [...]
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Media General (“MEG” or the “Company”) recently released it Notice of its 2012 Annual Meeting and Proxy Statement. The date is set for April 26, 2012 and will be held in Mechanicsville, VA. The Company is asking that shareholders vote on its Board of Directors slate. I wanted to provide further detail on the [...]
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Media General (“MEG”) has been in a holding pattern since releasing the terms of its credit extension and amendment with Bank of America (“BAC”). Since the amendment announcement, MEG was also able to release its 10K. MEG stock is still about 15% below where it was when MEG management provided an “update” in early March [...]
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Yesterday Media General (“MEG”) announced that it was able to reach an amendment and extension with Bank of America (“BAC”) and other lenders regarding its $363MM Term Loan. While work still remains, this is a necessary first step in what is basically a two to three step process. The terms of the new loan and [...]
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I was recently quoted in Style Weekly regarding Media General where I mentioned that ”Media General’s management team is pathetic and created all of its current problems from poor acquisitions to missed opportunities”…hardly news to those familiar with the company. Since that article, MEG management has affirmed that statement, with news that the company would delay [...]
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Media General (“MEG”) stock has experienced significant volatility in recent months. The stock was demolished in October when Moody’s (“MCO”) and S&P lowered the company’s credit rating and MEG reported the disappointing results investors have come to expect from the current management team. Since October, the stock has increased five fold only to once again [...]
Continue Reading →Media General (“MEG”) announced that it reached an agreement for a short-term bridge amendment with its lending group on Friday, February 10. The amendment resets the leverage ratio for Q1 2012 to 7.60x as opposed to the original 7.25x. After Q1, the leverage ratio resumes its original schedule, with Q2′s leverage ratio set at 6.75x [...]
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