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Stock Market & Financial Investment News

News Breaks
August 5, 2014
07:33 EDTMEGMedia General sees additional $5M of expected operating savings
“Today we’re announcing an additional $5 million of expected operating savings as part of our ongoing efforts to manage costs for 2015,” said George L. Mahoney, president and CEO of Media General. “When we originally announced the Young transaction, we said we’d deliver $15 million of operating synergies within 12-15 months. In April, we added $10 million of synergies. We continue to benefit from our increased scale. Our total operating synergies related to the Young merger for 2015 now exceed $30 million, more than double our original estimate. Today’s announced savings are mainly for reduced health care costs, relative to what we’d anticipated for 2015, and are principally from more favorable negotiated rates with providers based on our increased scale. This $5 million figure also includes additional synergies at the corporate and station levels, mostly from newly renegotiated contracts and reengineering,” said Mr. Mahoney.
News For MEG From The Last 14 Days
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January 28, 2016
10:35 EDTMEGCox Communications: Nextar, Media General merger 'not in the public interest'
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07:25 EDTMEGMeredith likely to be range bound for a few quarters, says Wells Fargo
After Meredith (MDP) and Media General (MEG) terminated their merger, Wells Fargo expects Meredith's stock to be range bound for a few quarters, since it believes that no M&A deals in the broadcast sector will take place until the spectrum auction is over 6-9 months from now. Wells says that Meredith's magazines business continues to weaken its results, and it keeps a Market Perform rating on the shares.
January 27, 2016
09:43 EDTMEGNexstar & Media General to host joint conference call
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08:48 EDTMEGMeredith and Media General agree to terminate merger agreement
Meredith Corporation (MDP) and Media General (MEG) said they have agreed to terminate immediately the binding merger agreement they entered into on September 8, 2015. In exchange for terminating the merger agreement, Meredith will receive: $60M in cash payable immediately, and an opportunity to negotiate for the purchase of certain broadcast and digital assets currently owned by Media General. There is no assurance that Media General and Meredith will reach agreement with respect to a purchase of any broadcast and digital assets, any such transaction being subject to approval of Nexstar Broadcasting (NXST) under Media General's merger agreement with Nexstar. Meredith Chairman and CEO Stephen Lacy commented, "While we still believe in the strategic and financial benefits a merger with Media General would have created, we are pleased with the financial benefits of the termination agreement and the shareholder value created." Media General CEO Vincent Saduskey said, "We are pleased to have this matter behind us and look forward to working towards completion of our transaction with Nexstar, which we believe is in the best interest of Media General and delivers superior value to our shareholders."
08:48 EDTMEGNexstar enters into definitive agreement to acquire Media General for $4.6B
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08:46 EDTMEGMeredith and Media General agree to terminate merger agreement
08:46 EDTMEGNexstar to acquire Media General for $4.6B
January 26, 2016
11:50 EDTMEGMeredith near deal to end Media General pact, allow Nexstar deal, Bloomberg says
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11:22 EDTMEGMeredith close to allowing Media General, Nexstar deal, Bloomberg reports
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January 25, 2016
19:35 EDTMEGNexstar nearing $2.3B deal for Media General, NY Post says
Nexstar (NXST) is preparing to sign within days a $2.3B agreement to acquire Media General (MEG), reports the New York Post, citing sources. Following its announcement, the deal is expected to be placed on hold because Media General has already agreed to a merger with Meredith (MDP), but Media hopes the deal will pressure Meredith to settle the termination fee related to the agreement, sources told the publication. Reference Link

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