Media General


Media General was an American media company based in Richmond, Virginia. The company's origins can be traced back to 1887 when Richmond attorney Joseph Bryan acquired The Richmond Daily Times, which later became The Richmond Times-Dispatch. Joseph Bryan's son, John Stewart Bryan succeeded his father as owner and publisher of the Times-Dispatch, which merged with The Richmond News Leader in 1940 to form Richmond Newspapers, Inc.
After John Stewart Bryan's death in 1944, his son, D. Tennant Bryan led the company into a period of expansion into television, changing the company's name to Media General in 1969. Media General, Inc. began trading on the American Stock Exchange in 1970.
In 1990, J. Stewart Bryan III, great-grandson of Joseph Bryan, became chairman, president and chief executive officer of Media General. The fourth-generation Bryan oversaw the company's expansion into digital media and the sale of Media General's newspaper division to Berkshire Hathaway in 2012. J. Stewart Bryan III remained chairman of Media General until his death on January 23, 2016.
In 2013 and 2014, Media General expanded significantly through mergers with Young Broadcasting and LIN Media. After the latter merger, LIN Media CEO Vincent L. Sadusky became Chief Executive Officer of Media General while former Young Broadcasting CEO Deborah A. McDermott led station operations as Chief Operating Officer. Long-time Media General CFO James F. Woodward remained as Chief Financial Officer until the company's dissolution in 2017.
On January 11, 2017, the FCC approved the sale of Media General to Nexstar Broadcasting Group for $4.6 billion.

History

The conglomeration of newspapers was founded in 1940 when owners of Richmond, Virginia's two newspapers, the Times-Dispatch and News Leader, merged them to form Richmond Newspapers, Inc. In 1969, as the company's media properties grew and diversified, it was renamed Media General.

Additional acquisitions

In 1982 the company acquired The William B. Tanner Company, a commercial radio jingle production company headquartered in Memphis. It was divested in 1988.
In 1996, Media General acquired Park Acquisitions, the holding company for Park Communications, formerly owned by the media entrepreneur Roy H. Park.
In 1999, Media General bought Spartanburg-based Spartan Communications, which increased Media General's station portfolio from 14 to 27.
Four NBC-owned stations in smaller markets that were put up for sale on January 9, 2006. On April 6, NBC Universal and Media General announced that the latter would purchase the four NBC O&O's as part of a $600 million four-station deal between the two companies.

Divestment of properties in the late 2000s

On August 2, 2006, Media General announced that it would sell WIAT and KIMT to New Vision Television for $35 million; the sale was finalized on October 12, 2006.
On October 29, 2007, Media General announced that the company was exploring the sale of WCWJ, KALB-TV, WMBB, WTVQ, and WNEG-TV. On March 14, 2008, the company reached an agreement to sell KALB and WMBB to Hoak Media. The deal was closed on July 16. On June 25, 2008, Media General announced the sale of WNEG-TV to the University of Georgia. On January 28, 2009, Nexstar Broadcasting Group announced that it had reached an agreement to purchase WCWJ. The deal was finalized on May 1, 2009.

2010s: Expansions, mergers with Young Broadcasting and LIN Media

On November 12, 2013, privately held Young Broadcasting acquired a controlling interest in Media General through a reverse merger. Following the merger, the new company was owned 67.5 percent by Young shareholders and 32.5 percent by Media General shareholders. The combined company owned 30 stations, reaching 14% of the United States. and continued to operate as Media General. Headquarters would remain in Richmond, Virginia, however, for the first time in over a century, the Bryan Family would not have a controlling interest in the company.
On March 21, 2014, Media General and LIN Media announced that the two companies would merge. The deal, worth an estimated $1.6 billion, would create an entity of 71 stations with a combined reach of 24% of U.S. television households. 45 Media General staff members were laid off; CEO George Mahoney stepped down in favor of his LIN counterpart Vincent Sadusky. In order to comply with FCC ownership rules as well as planned changes to rules regarding same-market television stations which would prohibit future joint sales agreements, some of the stations would be sold to several other companies in five markets where both groups already own stations.
On August 20, 2014, Media General and LIN Media announced several sales. Media General sold WJAR, WLUK, and WCWF to the Sinclair Broadcast Group in exchange for Sinclair's KXRM, KXTU, and WTTA. Hearst Television acquired WVTM and WJCL, and Meredith Corporation acquired WALA. On October 6, the two companies' shareholders approved the deal, and the FCC approved the deal on December 12. The merger was completed on December 19. A condition of the deal requires Media General to end the joint sales agreements it has with stations in Youngstown, Ohio, Dayton, Ohio, and Topeka, Kansas, due to tighter scrutiny such deals are getting by the FCC. Media General received a two-year waiver in those markets to end the JSAs.
On July 14, 2015, Media General pulled its stations off of Mediacom cable systems across the United States due to a carriage dispute over retransmission consent fees. This carriage dispute saw Media General stations disappear from Mediacom lineups in 14 television markets across the United States and even three of the Fox affiliates owned by Media General were lost to Mediacom subscribers in Hampton Roads, Virginia, Terre Haute, Indiana, and Topeka, Kansas just before the start of the 2015 Major League Baseball All-Star Game. On July 30, 2015, Mediacom and Media General reached a new agreement, thereby restoring Media General owned stations to Mediacom subscribers in the affected areas.
On July 13, 2016, the FCC issued a $700,000 fine against Media General for using a shared services agreement with WAGT to prevent its new owner Gray Television from divesting it in the spectrum incentive auction.

Acquisition by Nexstar

On September 8, 2015, it was announced that Media General would acquire Meredith Corporation in a cash and stock deal valued at $2.4 billion. Pending regulatory and shareholder approval, the deal was expected to be consummated in June 2016. The combined company was to be known as Meredith Media General, and be the third-largest owner of television stations in the United States—serving an estimated 30% of households. In order to comply with FCC regulations, some stations would have been sold to other companies in six markets where both groups already own stations and Springfield ). Media General shareholders would have controlled 65% of the company, with Meredith shareholders holding 35%.
On September 28, it was revealed that Nexstar Broadcasting Group had made an unsolicited cash-and-stock offer for Media General, valued at $14.50 per-share. Following the announcement, Media General shareholders Oppenheimer Holdings and Starboard Capital opposed the Meredith merger in favor of selling to Nexstar. On October 6, 2015, the New York Post speculated that the deal had been called off, believing that the deal was unlikely to receive further shareholder support due to these objections. Both companies have denied that this was the case, and reported that other major shareholders were backing the merger. Media General hired additional firms to evaluate the Nexstar bid. On November 16, Media General rejected the offer but agreed to negotiate after concluding its merger with Meredith.
On January 27, 2016, Media General announced that it had entered into a definitive agreement to be acquired by Nexstar in a deal valued at $17.14 per-share, valuing the company at $4.6 billion plus the assumption of $2.3 billion debt. The combined company will be known as Nexstar Media Group, and own 171 stations, serving an estimated 39% of households. The company will pay Meredith a termination fee of $60 million, and give Meredith right of first refusal to acquire any broadcast or digital properties that may be divested during the merge. The deal also includes contingent value rights for Media General shareholders if it sells spectrum from its stations during the FCC's spectrum incentive auction.
The transaction was approved on January 11, 2017, with the sale consummated six days later, on January 17.

Former assets

Newspapers

On May 17, 2012, it was announced that investment company Berkshire Hathaway would be acquiring Media General's newspaper division ; the newspapers to be merged into Berkshire Hathaway's World Media Enterprises division, a sister company of its other newspaper holdings under the Omaha World-Herald. The deal closed June 25, 2012. Media General's chairman and former CEO, J. Stewart Bryan III said the company faced a choice: either sell its newspaper division or file for bankruptcy protection. The latter, he said, was "unacceptable." At the end of 2011, Media General had $658 million in debt. In October 2012, The Tampa Tribune and its associated print and digital products were acquired by Tampa Media Group, Inc., a new company formed by Revolution Capital Group.

Major newspapers

Alabama

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Stations are arranged in alphabetical order by state and city of license.
Notes:
City of license / MarketStationChannel
TV 		Years ownedCurrent ownership status
Birmingham - Tuscaloosa - Anniston, AlabamaWBMG/WIAT ¤¤ §§42 1997–2006
2014–2017		CBS affiliate owned by Nexstar Media Group
Birmingham - Tuscaloosa - Anniston, AlabamaWVTM-TV ++13 2006–2014NBC affiliate owned by Hearst Television
Montgomery, AlabamaWNCF ¤¤32 1997–1999ABC affiliate owned by SagamoreHill Broadcasting
Mobile, Alabama - Pensacola, FloridaWKRG-TV ##5 2000–2017CBS affiliate owned by Nexstar Media Group
Mobile, Alabama - Pensacola, FloridaWFNA §§55 2014–2017The CW affiliate owned by Nexstar Media Group
San Francisco, CaliforniaKRON-TV Y4 2013–2017MyNetworkTV affiliate owned by Nexstar Media Group
Colorado Springs - Pueblo, ColoradoKXRM-TV21 2014–2017Fox affiliate owned by Nexstar Media Group
Colorado Springs - Pueblo, ColoradoKXTU-LD57 2014–2017The CW affiliate owned by Nexstar Media Group
New Haven - Hartford, ConnecticutWTNH §§8 2014–2017ABC affiliate owned by Nexstar Media Group
New Haven - Hartford, ConnecticutWCTX §§59 2014–2017MyNetworkTV affiliate owned by Nexstar Media Group
Jacksonville, FloridaWJKS-TV/WJWB/WCWJ17 1982–2009The CW affiliate owned by Graham Media Group
Panama City, FloridaWMBB ##13 2000–2008ABC affiliate owned by Nexstar Media Group
Tampa - Saint Petersburg, FloridaWFLA-TV/WXFL/WFLA-TV **8 1966–2017NBC affiliate owned by Nexstar Media Group
Tampa - Saint Petersburg, FloridaWTTA38 2014–2017MyNetworkTV affiliate owned by Nexstar Media Group
Augusta, GeorgiaWJBF ##6 2000–2017ABC affiliate owned by Nexstar Media Group
Augusta, GeorgiaWAGT26 2010–2016 1defunct, License cancelled in 2017.
Columbus, GeorgiaWRBL ##3 2000–2017CBS affiliate owned by Nexstar Media Group
Savannah, GeorgiaWSAV-TV3 1997–2017NBC affiliate owned by Nexstar Media Group
Toccoa, GeorgiaWNEG-TV ##32 2000–2008MeTV affiliate, WGTA, owned by Marquee Broadcasting
Honolulu, HawaiiKHON-TV §§2 2014–2017Fox affiliate owned by Nexstar Media Group
Hilo, HawaiiKHAW-TV §§
'		11 2014–2017Fox affiliate owned by Nexstar Media Group
Wailuku, HawaiiKAII-TV §§
'		7 2014–2017Fox affiliate owned by Nexstar Media Group
Fort Wayne, IndianaWANE-TV §§15 2014–2017CBS affiliate owned by Nexstar Media Group
Indianapolis - Marion, IndianaWISH-TV §§8 2014–2017The CW affiliate owned by Circle City Broadcasting
Indianapolis - Marion, IndianaWNDY-TV §§23 2014–2017MyNetworkTV affiliate owned by Circle City Broadcasting
Indianapolis - Marion, IndianaWIIH-CD §§
'		17 2014–2017The CW affiliate owned by Nexstar Media Group
Lafayette, IndianaWLFI-TV §§18 2014–2017CBS affiliate owned by Heartland Media
Terre Haute, IndianaWTHI-TV §§10 2014–2017CBS affiliate owned by Heartland Media
Davenport, Iowa - Moline, IllinoisKWQC-TV Y6 2013–2017NBC affiliate owned by Gray Television
Mason City, Iowa - Rochester, MinnesotaKIMT ## §§3 2000–2006
2014–2017		CBS affiliate owned by Heartland Media
Topeka, KansasKSNT §§27 2014–2017NBC affiliate owned by Nexstar Media Group
Topeka, KansasKTMJ-CD §§43 2014–2017Fox affiliate owned by Nexstar Media Group
Topeka, KansasKTKA-TV49 2014–2017 2ABC affiliate owned by Vaughan Media
Wichita - Hutchinson, KansasKWCH-TV ##12 2000–2006CBS affiliate owned by Gray Television
Wichita - Hutchinson, KansasKSNW §§3 2014–2017NBC affiliate owned by Nexstar Media Group
Ensign - Dodge City, KansasKBSD-TV ##
'		6 2000–2006CBS affiliate owned by Gray Television
Garden City, KansasKSNG §§
'		11 2014–2017NBC affiliate owned by Nexstar Media Group
Goodland, KansasKBSL-TV ##
'		10 2000–2006CBS affiliate owned by Gray Television
Great Bend, KansasKSNC §§
'		2 2014–2017NBC affiliate owned by Nexstar Media Group
Hays, KansasKBSH-TV ##
'		7 2000–2006CBS affiliate owned by Gray Television
Salina, KansasKSNL-LD §§
'		47 2014–2017NBC affiliate owned by Nexstar Media Group
McCook, NebraskaKSNK §§
'		8 2014–2017NBC affiliate owned by Nexstar Media Group
Lexington, KentuckyWTVQ-TV ¤¤36 1997–2008ABC affiliate owned by Morris Multimedia
Alexandria, LouisianaKALB-TV ¤¤5 1997–2008NBC affiliate owned by Gray Television
Lafayette, LouisianaKLFY-TV Y10 2013–2017CBS affiliate owned by Nexstar Media Group
Springfield, MassachusettsWWLP §§22 2014–2017NBC affiliate owned by Nexstar Media Group
Springfield, MassachusettsWFXQ-CD §§
'		28 2014–2017NBC affiliate owned by Nexstar Media Group
Grand Rapids, MichiganWOOD-TV §§8 2014–2017NBC affiliate owned by Nexstar Media Group
Grand Rapids, MichiganWXSP-CD §§15 2014–2017MyNetworkTV affiliate owned by Nexstar Media Group
Battle Creek, MichiganWOTV §§41 2014–2017ABC affiliate owned by Nexstar Media Group
Lansing, MichiganWLNS-TV Y6 2013–2017CBS affiliate owned by Nexstar Media Group
Lansing, MichiganWLAJ53 2013–2017 3ABC affiliate owned by Shield Media
Jackson, MississippiWJTV12 2000–2017CBS affiliate owned by Nexstar Media Group
Hattiesburg - Laurel, MississippiWHLT
'		22 2000–2017CBS affiliate owned by Nexstar Media Group
Albuquerque - Santa Fe, New MexicoKRQE §§13 2014–2017CBS affiliate owned by Nexstar Media Group
Albuquerque - Santa Fe, New MexicoKASA-TV §§2 2014–2017Telemundo affiliate owned by Ramar Communications
Albuquerque - Santa Fe, New MexicoKWBQ29 2014–2017 4The CW affiliate owned by Tamer Media, LLC
Albuquerque - Santa Fe, New MexicoKASY-TV50 2014–2017 4MyNetworkTV affiliate owned by Tamer Media, LLC
Roswell, New MexicoKBIM-TV §§
'		10 2014–2017CBS affiliate owned by Nexstar Media Group
Roswell, New MexicoKRWB-TV
'		21 2014–2017 4The CW affiliate owned by Tamer Media, LLC
Durango, ColoradoKREZ-TV §§
'		6 2014–2017CBS affiliate owned by Nexstar Media Group
Albany - Schenectady - Troy, New YorkWTEN Y10 2013–2017ABC affiliate owned by Nexstar Media Group
Albany - Schenectady - Troy, New YorkWXXA-TV23 2013–2017 3Fox affiliate owned by Shield Media
Adams, MassachusettsWCDC-TV Y
'		19 2013–2017defunct, license cancelled in 2018.
Buffalo, New YorkWIVB-TV §§4 2014–2017CBS affiliate owned by Nexstar Media Group
Buffalo, New YorkWNLO §§23 2014–2017The CW affiliate owned by Nexstar Media Group
Utica, New YorkWUTR ¤¤20 1997ABC affiliate owned by Mission Broadcasting
Greenville - New Bern -
Washington, North Carolina		WNCT-TV ¤¤9 1997–2017CBS affiliate owned by Nexstar Media Group
Raleigh - Durham - Fayetteville, North CarolinaWNCN ++17 2006–2017CBS affiliate owned by Nexstar Media Group
Columbus, OhioWCMH-TV ++4 2006–2017NBC affiliate owned by Nexstar Media Group
Dayton - Springfield, OhioWDTN §§2 2014–2017NBC affiliate owned by Nexstar Media Group
Dayton - Springfield, OhioWBDT26 2014–2017 2The CW affiliate owned by Vaughan Media
Youngstown, OhioWKBN-TV §§27 2014–2017CBS affiliate owned by Nexstar Media Group
Youngstown, OhioWYFX-LD §§19 2014–2017Fox affiliate owned by Nexstar Media Group
Youngstown, OhioWYTV33 2014–2017 2ABC affiliate owned by Vaughan Media
Portland, OregonKOIN §§6 2014–2017CBS affiliate owned by Nexstar Media Group
Harrisburg - Lancaster -
Lebanon - York, Pennsylvania		WHTM-TV27 2014–2017ABC affiliate owned by Nexstar Media Group
Providence, Rhode Island -
New Bedford, Massachusetts		WJAR ++10 2006–2014NBC affiliate owned by Sinclair Broadcast Group
Providence, Rhode Island -
New Bedford, Massachusetts		WPRI-TV §§12 2014–2017CBS affiliate owned by Nexstar Media Group
Providence, Rhode Island -
New Bedford, Massachusetts		WNAC-TV64 2014–2017 5Fox affiliate owned by Super Towers, Inc.
Charleston, South CarolinaWCBD-TV2 1983–2017NBC affiliate owned by Nexstar Media Group
Florence - Myrtle Beach, South CarolinaWBTW ##13 2000–2017CBS affiliate owned by Nexstar Media Group
Greenville - Spartanburg, South CarolinaWSPA-TV ##7 2000–2017CBS affiliate owned by Nexstar Media Group
Greenville - Spartanburg, South CarolinaWASV-TV/WYCW62 2001–2017The CW affiliate owned by Nexstar Media Group
Sioux Falls, South DakotaKELO-TV Y11 2013–2017CBS affiliate owned by Nexstar Media Group
Frorence - Aberdeen, South DakotaKDLO-TV Y
'		3 2013–2017CBS affiliate owned by Nexstar Media Group
Reliance - Pierre, South DakotaKPLO-TV Y
'		6 2013–2017CBS affiliate owned by Nexstar Media Group
Rapid City, South DakotaKCLO-TV Y
'		16 2013–2017CBS affiliate owned by Nexstar Media Group
Chattanooga, TennesseeWDEF-TV ¤¤12 1997–2006CBS affiliate owned by Morris Multimedia
Knoxville, TennesseeWATE-TV Y6 2013–2017ABC affiliate owned by Nexstar Media Group
Nashville, TennesseeWKRN-TV Y2 2013–2017ABC affiliate owned by Nexstar Media Group
Tri-Cities WJHL-TV ¤¤11 1997–2017CBS affiliate owned by Nexstar Media Group
Austin, TexasKXAN-TV §§36 2014–2017NBC affiliate owned by Nexstar Media Group
Austin, TexasKNVA54 2014–2017 2The CW affiliate owned by Vaughan Media
Austin, TexasKBVO-CD §§
'		51 2014–2017MyNetworkTV affiliate owned by Nexstar Media Group
Llano, TexasKBVO §§14 2014–2017MyNetworkTV affiliate owned by Nexstar Media Group
Norfolk - Portsmouth -
Virginia Beach, Virginia		WAVY-TV §§10 2014–2017NBC affiliate owned by Nexstar Media Group
Norfolk - Portsmouth -
Virginia Beach, Virginia		WVBT §§43 2014–2017Fox affiliate owned by Nexstar Media Group
Richmond - Petersburg, VirginiaWRIC-TV Y8 2013–2017ABC affiliate owned by Nexstar Media Group
Roanoke - Lynchburg, VirginiaWSLS-TV ¤¤10 1997–2017NBC affiliate owned by Graham Media Group
Green Bay - Appleton, WisconsinWBAY-TV Y2 2013–2017ABC affiliate owned by Gray Television

Other Notes: