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Posts Tagged ‘Media General’

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TV Station Mega Merger: Media General, LIN Set $1.6 Billion Deal (Variety)
Station groups Media General and LIN are poised to merge in a $1.6 billion cash and stock deal that will create the nation’s second-largest pure-play broadcast group. With LIN’s roughly $1 billion in debt included, the deal has an enterprise value of $2.6 billion. TVSpy 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 percent of U.S. TV households. THR The deal is the latest in the ongoing consolidation of the TV station business as broadcasters have looked for scale to strengthen them in dealings with networks and pay-TV operators and the like. Poynter / MediaWire It is just the latest in a flurry of acquisitions and mergers in the TV industry that has seen Belo broadcast and Gannett merge and earlier, Media General and Young Broadcasting combined forces. Other players including Meredith, Journal, Tribune, NBC Universal and Sinclair have been recent buyers, too. WSJ Greater scale should help the combined company garner higher revenue from fees it charges pay-TV providers to carry its signal, known as retransmission fees. It should also gain leverage in negotiations with media companies. These factors, plus the ability to expand LIN’s digital advertising business and savings from corporate overheard, underpin the companies’ projected $70 million in run-rate synergies over three years.

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Lauren Berger Writes New Book for Young People Entering "Real World"

Lauren Berger Welcome to the Real WorldCareer Expert, Lauren Berger, releases her second book, Welcome to the Real World: Finding Your Place, Perfecting Your Work, and Turning Your Job Into Your Dream Career (Harper Business), on April 22nd. In this book, Berger shares everything she wishes someone told her after graduation. Her book is the essential guide to anyone starting their first, second, or third job. She encourages readers to be fearless, step outside of their comfort zones, and go after what they want.

Media General Cuts 75

Media General, the company that sold 63 papers to Warren Buffett’s Berkshire Hathaway in May, is dropping 75 staffers.

According to a memo obtained by Jim Romenesko, the cuts were coming from “corporate staff departments and in the digital media section of the Growth and Performance group.”

“Affected employees are being notified effective today; however, certain positions will have a deferred termination date between now and the end of the year for various business reasons,” wrote Media General’s CEO, Marshall Morton, in the memo.

For more, head over to Romensko’s site.

Warren Buffett Buys 63 More Newspapers

Let the record show that when Warren Buffett says he’s considering something, it means he’s definitely doing it. Buffett’s Berkshire Hathaway Media Group just announced that it is buying 63 daily and weekly newspapers from Media General for $142 million in cash. It was only last week when Buffett said that he “may buy more newspapers,” so he obviously had this purchase in mind already.

The papers involved in the deal — which is expected to close June 25 — are published in Virginia, North Carolina, South Carolina and Alabama. The acquisition also includes all of the papers’ digital brands and tablet apps. The only property not being sold to Berkshire Hathaway is Media General’s Tampa group.

In a statement, Buffett once again trumpeted the power of newspapers. ”In towns and cities where there is a strong sense of community, there is no more important institution than the local paper,” he explained. “The many locales served by the newspapers we are acquiring fall firmly in this mold and we are delighted they have found a permanent home with Berkshire Hathaway.”

Since we’re big newspaper fans, we might just send Buffett a thank you note.

Possible Job Cuts Ahead As Media General Mulls Consolidation

media general.jpgOur sister blog MediaJobsDaily has a tip that publisher Media General is “planning to consolidate the copy-editing and design functions for most of its papers into a central location, which would ultimately end in reducing staff.”

Media General owns 21 daily newspapers and more than 200 specialty publications, including community weeklies (some of which are already being edited out of a central location, says MediaJobsDaily), and employs more than 5,000 staffers company-wide. A consolidation of this kind would likely affect quite a few.

MediaJobsDaily: Rumor: Media General Plans To Consolidate Copy Editing, Designing, Thus Cutting Jobs