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Posts Tagged ‘Vincent Sadusky’

Media General and LIN Merger Approved by Shareholders

LIN Media G_304The shareholders of Media General and LIN Media have approved the merger between the two companies.

The two station groups announced the news and reaffirmed the newly merged company will be called Media General to be headed by Vincent Sadusky, LIN’s current president and CEO, upon closing of the deal.

The station groups also announced the leadership structure under Sadusky. James Woodward will be SVP and CFO, Deborah McDermott will be SVP and COO, Robert Richter will be SVP and chief digital officer, while Andrew Carington will be VP and general counsel.

The station groups also said the two companies are committed to the deal and ready for approval:

The integration planning teams, co-led by senior leaders of both companies, have been working diligently for the past several months to ensure business continuity, synergy attainment, and customer and talent retention. These teams have developed detailed work plans for their functional areas and based on their integration planning work to date, as well as the substantial progress made to obtain all required regulatory approvals, the companies reaffirm confidence in their ability to realize approximately $70 million of annual run-rate synergies within three years, and expect to close on the transaction in the fourth quarter of 2014.

“This announcement is an important step on the critical path to ensuring the company is prepared to hit the ground running once we receive the necessary regulatory approvals,” Sadusky said in a statement. “After the merger is complete, we will have one of the strongest leadership teams in the industry. Their expertise and dedication gives me even more confidence that we will deliver on our promise to build a stronger, more efficient company that will compete effectively in the rapidly evolving media landscape.”

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Media General Cuts 45 Jobs

media general_304x200A month after announcing a $2.6 billion merger with Lin Media, Media General is cutting 45 corporate and shared services jobs.

In an email sent to staffers, obtained by TVSpy, CEO George Mahoney says the cuts are meant to decentralize operations and give greater control at the local level. “It’s important that we have a structure that allows us to focus increasingly at the local, station level, closer to the customer, so that we can be nimble and responsive to our communities,” Mahoney writes.

When the merger is complete, the new Media General will be the second largest station group in the nation with 74 stations in 46 markets, reaching 23% of U.S. TV households.

The affected employees have been notified, a Media General spokesperson tells us. “Many of those who are affected are stars and have been with us for many years,” Mahoney writes. “They have, and deserve, our deepest gratitude and appreciation for their hard work and long-standing commitment to Media General.”

Mahoney is among those leaving the company when the deal is completed. Media General chairman Stewart Bryan will stay on in that capacity, while LIN CEO Vincent Sadusky will be the CEO of the combined entity.

Mahoney’s note, after the jump…

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Media General and LIN Media Announce Merger

LIN Media GMedia General and LIN Media have announced a definitive merger agreement valued at $2.6 Billion creating the second largest TV broadcast company in the US.

Vincent Sadusky, LIN Media’s president and CEO, will become president and CEO of the new company which will be called Media General.

This is an exciting and historic day for both companies,” said Sadusky. “Together, we will be able to better serve our local communities throughout our significant and diverse geographic footprint and further grow our national digital business. I am honored to lead our new company, deliver important synergies and achieve new levels of success.”

The deal will bring together 74 stations which are either owned or operated by the two companies in 46 markets. Combined, the new company’s stations will reach 23% of US TV households.

LIN Announces Blumenthal Retiring, Names Howell Successor

linmedia_304x200LIN Media has announced the retirement of Scott Blumenthal, executive vice president television and the appointment of his successor, Jay Howell.

Blumenthal started his broadcast career in 1970 and worked at WTWO in Terre Haute, IN, and WRTV in Indianapolis, IN, before starting his own advertising agency, commercial syndication and animation studio.

He was hired by LIN in 1983 as local sales manager for WISH in Indianapolis and was named president and general manager of WOOD and WOTV in Grand Rapids, MI, in 1994. He came back to WISH as president and GM in 1999 before being named regional vice president for LIN Media in 2002. Three years later he was promoted to vice president television and was named executive vice president television in 2006. Read more

LIN Media Completes Acquisition of Stations from New Vision Television

LIN Media has completed its acquisition of the 13 television stations it agreed to purchase in May from New Vision Television.  The acquisition brings the number of stations LIN operates or services to 43.

In a statement, LIN’s president and chief executive officer Vincent Sadusky said, “LIN Media has acquired a terrific collection of broadcast properties with employees that share a similar passion for excellence and growth that have driven our company for the past 50 years. The addition of these television stations further advances our strategy to expand our national footprint and digital media business.”

The deal is worth $342 million, including the assumption of $12 million in debt from New Vision Television.

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LIN Reports 15% Revenue Increase, Stokes Excitement for New Vision Deal

LIN Media, which operates or services 32 network affiliates around the country, today reported a 15% increase in revenue for the first quarter, compared to the same period last year.

LIN TV stations brought in $103.2 million in net revenue during the first three months of the year, compared to $89.7 million during last year’s first quarter. Local revenue increased 16% to $67.7 million, and national revenue was up 4% to $23.1 million.

“2012 is off to a great start as a result of strong first quarter results and revenue increases in all areas of our business,” LIN president and CEO Vincent Sadusky said, announcing his company’s financial results. Read more

LIN Agrees to Buy New Vision Stations for $342M

LIN Media today announced that it has agreed to purchase 13 stations from New Vision Television for $330.4 million and the assumption of $12 million of debt.

New Vision’s 13 network affiliated stations are located in eight markets across the country, including Birmingham, Honolulu, and Portland, OR.

On its website, New Vision Television describes itself as “the future of local TV” but the deal, which is expected to close by the end of the year, means that there will be little future for the company.

“This is a bittersweet development,” New Vision CEO Jason Elkin said today in a statement.  “The decision to sell to LIN Media was not an easy one, but we negotiated a fair price and so decided that now is the right time for me and others at New Vision to begin to look at new opportunities.” Read more

With Drop in Political Advertising, LIN Focuses on 12% Increase in Local Revenue

LIN Media, which owns network affiliates in 15 markets across the country, today reported financial results for the fourth quarter, as well as the full year, of 2011.

Like most station groups, LIN experienced a sharp drop in political advertising. Net political revenues for the fourth quarter were $3 million, compared to $23.8 million for the same period the previous year. The dip in political advertising led to an 8% decrease in total revenue for the fourth quarter.

Outside of political advertising, the company saw some significant gains. Local revenue, which includes local advertising, retrans fees, and website revenue, was up 12% for the fourth quarter. Read more

LIN Media Names Michael Kelly VP of Sales

Michael Kelly has been named vice president of sales for LIN Media, the company announced today.

Kelly, a 30-year veteran of the broadcast industry, has been the director of interactive and new media sales since 2008, where he was “instrumental in building a digital culture at each television station and furthering LIN Media’s transformation to a multimedia company,” according to a statement announcing his promotion.

“Mike’s unique blend of sales experience in both television and digital media, innovative multimedia advertising ideas and strong relationships make him an ideal candidate for this position,” Vincent Sadusky, LIN Media’s president and CEO, said in a statement.

Despite Digital and Retrans Increases, LIN Reports 3% Drop in Q3

LIN Media, which owns, operates, or services 32 stations in 17 markets across the country, today announced a 3% decrease in third quarter revenue, compared to the same period last year.

LIN brought in $100.8 million in Q3–compared to $103.6 million last year–and despite significant increases in retrans fees and digital advertising revenues, the company was unable to overcome a 78% drop in political advertising.

“Our continued digital revenue growth helped offset the decrease in political revenue and current economic challenges,” LIN president and CEO Vincent Sadusky said. “We are encouraged to see positive indicators for the fourth quarter.”

In addition to announced financial results, LIN boasted that 81% of its ABC, CBS, Fox, and NBC news stations were ranked number one or two in their local markets based on key demo viewership.

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