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Posts Tagged ‘George L. Mahoney’

Media General Shareholders OK Merger with Young

media general_304x200Media General shareholders have approved the company’s merger with New Young Broadcasting.

The merged company will keep the Media General name and will continue to be traded on the NYSE under its existing symbol MEG.

“We’re delighted to have shareholder approval for our business combination with Young Broadcasting, and we are very excited about the prospects for the combined company,” George L. Mahoney, president and chief executive of Media General said in a statement. “Once we receive FCC approval for our license transfers, we will close very quickly on the transaction.  We believe the review process is going smoothly at the FCC.” Read more

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Q3 Earnings: Media General Station Net Revenue Down 16%

media generalMedia General reported a $78.5 million in station net revenue for the third quarter of 2013, 16.4% drop compared to the year-ago quarter. As with other station groups, the decline was attributed to a drop in both political and Olympics revenue.

Operating income was $8.2 million, down from $22.5 million in Q3 2012. Retransmission revenue increased 41% for the quarter, with local and national advertising also growing 7.6%.

“Media General looks forward to completing our merger with Young Broadcasting. We’ve worked actively with Young management for the past several months to ensure a smooth transition. On November 7, 2013, we will hold a Special Shareholders Meeting to consider and vote on matters necessary to complete the merger. Assuming the FCC has approved our license transfers before our shareholders meeting, we plan to close the transaction very shortly thereafter,” George L. Mahoney, president and CEO of Media General, said in a statement.

Q2 Earnings: Media General Total Revenue, Excluding Political, Up 5%

Media General reported total gross revenues, excluding political, increased 4.7% year-over-year in the second quarter of 2013. Political revenues experienced an expected decline, from $7.5 million to $1 million, in the non-election year.

The company reported $5 million of operating income in the second quarter of 2013, down from $17 million in the second quarter of 2012. Media General attributed the year-over-year decline to significant expenses, including $7.2 million in expenses relating to its merger with Young Broadcasting, and an 86% decline in political revenue.

Cable and satellite retransmission revenue increased 38%, while digital revenues were up 17%.

“Our stations are doing a good job this year replacing last year’s robust Political revenues with new revenue initiatives and business development programs,” George L. Mahoney, president and CEO of Media General, said in a statement.

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 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.”