NEW YORK (TheStreet) -- Shares of Media General, Inc. (MEG) are taking off, up 12.62% to $14.90, in afternoon trading on heavy trading volume following the company being upgraded to "buy" from "hold" at Gabelli & Co. this morning.

About 1.12 million shares were traded by 3:40 p.m., compared to the average trading volume of 619,830 shares a day.

The television station company operates in the southeastern states and owns 18 network affiliated broadcast stations and associated digital media platforms.

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MEG Chart MEG data by YCharts

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