Media General, Inc. (NYSE: MEG), a local broadcast television and digital media company, announced that James F. Woodward, Senior Vice President-Finance and Chief Financial Officer, today received the “Distinguished CFO Award” at the annual conference of the Media Financial Management Association (MFM) in Miami, Florida.
Mr. Woodward, who became Media General’s chief financial officer in 2011, has been responsible for leading the company’s significant financing and M&A initiatives of the past three years. Key transactions have included the company’s March 2012 Amended Credit Agreement, the May 2012 Agreements with Berkshire Hathaway for the sale of newspapers and new financing, the company’s merger with Young Broadcasting on November 12, 2013, and the company’s pending merger with LIN Media, which was announced March 21, 2014 and is expected to be completed in early 2015.
Mary Collins, president and CEO of MFM, said, “Jim Woodward’s involvement in leading dramatic and transformative changes at Media General truly distinguishes him among his CFO peers in the industry. By honoring his accomplishments at our annual conference, we hope to inspire the industry’s future CFOs to adopt his exemplary approach in leading the organizational changes that can improve their own companies’ market position and financial performance.”
George L. Mahoney, president and chief executive officer of Media General, said, “Jim’s leadership has been invaluable in the rapid transformation of Media General into a pure-play local television broadcasting and digital media company, with a strong balance sheet and significant future growth potential. From the sale of our newspapers, to our completed merger with Young Broadcasting and pending merger with LIN Media, and the various associated financings, Jim has been an innovative and tireless contributor to our many successful outcomes. I’m delighted to see Jim receive this well-deserved recognition from such a prestigious industry organization,” said Mr. Mahoney.
In accepting the award, Mr. Woodward said, “In media finance, our role has changed due to the dynamic business environment in which our companies operate. The competitive nature of the business, ever-changing technology and customer viewing habits, and the pace of consolidation all create exciting opportunities for finance professionals to have a key role in influencing the future direction of our companies. We’re in a good position to drive outcomes that affect long-term business performance and grow shareholder value,” he said.