This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Media General Announces Exercise Of Warrants By Berkshire Hathaway

RICHMOND, Va., Sept. 25, 2012 /PRNewswire/ -- Media General, Inc. (NYSE: MEG) announced today that Berkshire Hathaway Inc. (NYSE: BRK.A and BRK.B) has exercised its warrants to purchase 4,646,220 shares of the company's Class A common stock.  The exercise price for these warrants was 1 cent per share.  The warrants were issued as part of a new credit agreement that Media General and Berkshire Hathaway completed on May 24, 2012.  Following Berkshire Hathaway's warrants exercise, Media General has 27,918,339 common shares outstanding, and Berkshire Hathaway's ownership represents 16.6% of the total.  The shares issued are exempt from registration with the Securities and Exchange Commission because the transaction did not involve a public offering.

"Media General is pleased that Berkshire Hathaway has increased its overall investment in the company by exercising its warrants for the company's common stock," said Marshall N. Morton, president and chief executive officer.  "This equity position enhances the partnership that began earlier this year when Berkshire Hathaway refinanced our bank debt.  The new credit agreement addressed Media General's long-term capital needs and provided the company with significant financial and operating flexibility.  We look forward to a long and constructive association with Berkshire Hathaway," said Mr. Morton.

Under the new credit agreement, Berkshire Hathaway provided Media General with a $400 million term loan that matures in May 2020 and a $45 million revolving credit line.  Berkshire Hathaway also purchased the majority of Media General's newspapers on June 25, 2012.

About Media General

Media General is a leading provider of news, information and entertainment across 18 network-affiliated broadcast television stations and their associated digital media and mobile platforms.  The company's stations serve consumers and advertisers in strong local markets, primarily in the Southeastern United States. Media General's network affiliates include eight NBC stations, eight CBS stations, one ABC station and one CW station.  Six of the company's stations operate in the Top 40 markets in the United States.  Media General's stations reach more than one-third of TV households in the Southeast and more than 8 percent of U.S. TV households.  Media General entered the television business in 1955 when it launched WFLA-TV in Tampa, Florida, as an NBC affiliate.  Today, WFLA is the company's largest TV station, operating in the 14th largest DMA in the United States.  Media General continues to own The Tampa Tribune and its associated print properties and expects to enter into a transaction with one of several prospective buyers for the group.

Contact Us

Additional information about Media General is available on its web site www.mediageneral.com or by contacting Lou Anne J. Nabhan, Vice President-Corporate Communications, at (804) 649-6103 or lnabhan@mediageneral.com.                               

 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs