With interests in digital publishing and broadcasting, this company generally has the media covered. Media General publishes the The Tampa Tribune newspaper and the company operates about 20 network-affiliated television stations. In addition, Media General operates websites for every one of its television stations. Built through a series of acquisitions, the company's collection of media properties is organized regionally, making Media General a dominant voice in the southeastern US. In 2012 the company sold almost all of its newspapers to BH Media Group, a subsidiary of Berkshire Hathaway.
The deal with BH Media Group was worth about $142 million. Under a separate credit agreement, Berkshire Hathaway agreed to provide Media General with a $400 million term loan and a $45 million revolving credit line.
Media General's revenues and net income have suffered in recent years as it shifted its focus away from newspapers and toward its broadcast and digital businesses. To boost revenue, Media General reorganized its sales operations to focus more on cross-selling advertising time and space across broadcast and digital media outlets.
The company has focused on building its digital media businesses and delivering content to mobile devices. Boosting coverage of local news online and content distribution partnerships with portal operator Yahoo! have helped drive additional traffic to its portfolio of websites. The company also formed partnerships with online discount giant Groupon and job search website Monster.com in 2011.
Mutual fund manager Mario Gabelli has a 35% stake in Media General. – less