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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, 2015
10:54 EDTMEGMedia General leases 62nd floor of Empire State Building
Media General (MEG) has leased the entire 62nd floor, comprising 26,782 square feet, at the Empire State Building, to centralize its six digital media companies and national sales headquarters into one location, announced landlord Empire State Realty Trust (ESRT), and Douglas Elliman Real Estate, which represented Media General in the transaction.

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