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Posts Tagged ‘Media General’

Young Broadcasting, Media General to Merge

Media General and Young Broadcasting have announced an agreement to merge the two companies. The new company will retain the Media General name and location, based in Richmond, Va.

Media General owns 18 stations and Young owns or operates 12 stations. The combined company will have 30 stations in 27 markets, reaching 14% of U.S. television households. In a statement announcing the merger, the two companies said the merger will make Media General more “geographically diverse” and give it a presence in “more markets that generate strong political revenues.”

Media General president and CEO George L. Mahoney will remain in that role following the merger.

“I’m very excited about the wonderful opportunities that lie ahead for the new Media General. Our stations and Young’s have earned excellent reputations as leading local content providers,” Mahoney said in a statement. “In working with the Young management and owners over the past several months, it’s clear that we share strong values for customer focus and innovation and a commitment to harnessing the future in an age of rapid change.”

Read the memo to Young stations from present and CEO Deborah McDermott, as well as the official announcement, after the jump. Read more

Media General Revenue Flat, Operating Income Up 28% in Q1

Media General reported $73.9 million in total revenues for the first quarter of 2013, nearly even with $74.2 million during the year-ago quarter. The company’s operating income increased by 28% to $5.8 million.

Political revenues in the first quarter totaled $507,000, down from $6.2 million during the first quarter of 2012, which was an election year. The loss was offset by a 55% increase in retransmission revenues and an 18% increase in digital revenues.

Virginia-based Media General owns 19 local television stations.

Media General Q4 Revenue Up 40%

In the fourth quarter of 2012, Media General reported total revenues of $108.7 million, an increase of 39.5% from the year-ago quarter.

Media General reported an operating income of $42.3 million and a net income of $17.6 million for the quarter, both significant year-over-year increases. Cable and satellite retransmission fees were up 84% to $9.9 million.

“Record political advertising was $30 million. Core local and national advertising revenues, excluding political, increased 4%,” Media General president-CEO George L. Mahoney said in a statement. “Media General was particularly well positioned to maximize political advertising opportunities, with six of our stations located in four of the key battleground states.”

Media General Pays Employees Back for Furloughs

Media General will be playing Santa this year for employees who were forced to take unpaid time off in 2011, according to Broadcasting & Cable.

In an internal memo posted to B&C’s website, president and chief executive officer, Marshall Morton, told employees, “To thank you for your loyalty and dedication, we are going to reinvest some of the dollars generated by our strong performance this year back into our employees.”

According to the article, Media General will give employees a cash payment equal to up to five days pay.  In order to receive the full five days pay, employees had to have been furloughed for five days or more during 2011.  In June 2011, employees were mandated to take 15 unpaid days  before the end of the year.

Media General Reports 42% Revenue Increase in Q3

Media General reported a net loss for the third-quarter of 2012, but said revenue grew nearly +42% due to an increase in political ads and the Summer Olympics.

“Political revenues totaled nearly $20 million and reflected the strong positions of our television stations in their markets and the presence of six Media General stations in presidential battleground states,” president and CEO Marshall Morton said in a statement. “Our eight NBC stations generated a record $15.5 million of revenues from the Summer Olympics, capitalizing on record viewership for the London games.”

Media General also reported an +80% increase in cable and satellite retransmission fees and a +21% increase in advertising revenues for the stations’ websites in the third quarter.

New News Sets in Greenville, NC and Bakersfield, CA

Station owners and GMs continue to open their wallets for new news sets. The latest at Scripps-owned KERO-TV (ABC) in Bakersfield (upper left) and Media General-owned WNCT (CBS) in Greenville, NC (upper right).

NewscastStudio reports the KERO set is similar to Scripps’ KJRH-TV in Tulsa. KERO was one of the stations added to the Scripps portfolio when McGraw-Hill got out of the TV business late last year.

NewscastStudio says the new set at WNCT is designed around the stations new graphic look and “features a large anchor desk and working weather center.”

But it’s pretty clear that blues and browns are still the color of choice for TV news sets.

George Mahoney Tapped to Lead Media General

Media General president and CEO Marshall Morton will retire at the end of this year, the company has announced. He will be succeeded by George Mahoney, who is currently vice president of growth and performance at Media General.

In a statement announcing the changes, J. Stewart Bryan III, the chairman of the Media General board, praised Morton for his leadership of the company during the financial crisis.

“Marshall joined Media General as chief financial officer in 1989,” Bryan said. “In his early years, we refocused Media General on its core strengths of local news, excellent journalism and southeastern markets.  As president, he guided Media General through unprecedented change in the media industry and a severe economic downturn.” Read more

Media General Reorganizes TV Stations Into Two Regional Units

After selling its newspaper assets, Media General has announced a corporate restructuring that elevates James Conschafter and John Cottingham to key leadership roles for the company’s television stations.

The company’s current structure of five geographic regions will be replaced by two geographic regions for its 18 television stations. Conschafter and Cottingham, who have both been named corporate vice presidents, will each oversee one region.

“With our June 25 sale of newspapers, Media General is focusing all of its resources on its broadcast television group,” Media General president and CEO Marshall Morton said in a statement. “We are delighted that our two most experienced broadcast executives will lead our television operations.” Read more

Aiming to Focus on TV, Media General Sells Newspapers to Berkshire Hathaway

Media General is selling off its struggling newspapers.

The company today announced a deal with Berkshire Hathaway for the purchase of all of its newspapers, with the exception of its Tampa group, which includes The Tampa Tribune, for $142 million in cash.  Media General is currently in discussions with other prospective buyers about its Tampa print assets.

Under a separate agreement, Berkshire Hathaway will provide Media General with a $400 million term loan, which will be used to pay off bank debt, and a $45 million revolving line of credit. Read more

Media General’s TV Stations Help Company to First Quarter Improvement

Media General’s 18 TV stations helped offset the financial struggles of its 23 newspapers in the first quarter of this year, the company announced today in its quarterly earnings report.

Media General reported $3.2 million of operating income for the first quarter of 2012 compared with an operating loss of $4.2 million for the same period last year.  The company’s total revenue for the quarter was $150 million, up 0.4 percent from last year.

“The operating improvement is primarily the result of increased profits at our broadcast television stations, as they generated 12 percent revenue growth from increased political revenues and higher retransmission fees,” Media General president and CEO Marshall Morton said.

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