Media General, Inc. is a media company based in the Southeastern United States. The company was formed in 1940 when Richmond, Virginia's two newspapers, the Times-Dispatch and News Leader, merged to form Richmond Newspapers. In 1969, as the company's media properties grew and diversified, it was renamed Media General. Media General is headquartered in Richmond and the San Francisco Bay Area is its largest market. Wikipedia.
News Article | November 10, 2015
ATLANTA--(BUSINESS WIRE)--NewsON, a venture dedicated to providing local news nationwide, today announced that Local 10 WPLG-TV, the ABC affiliate in Miami-Fort Lauderdale owned by Berkshire Hathaway, is now participating in the NewsON app. This announcement comes just days after the successful launch of NewsON, on November 4. NewsON is the first-of-its-kind service that provides consumers access to live and on-demand local newscasts and local news clips on mobile and connected TV devices. The free, ad-supported app features flexible navigation that encourages discovery, offering instant access to broadcast quality video. It also enables users to search by market via an interactive map and for curated content linking coverage of breaking news events from multiple stations. With the addition of WPLG-TV in Miami-Fort Lauderdale, NewsON features video content from 119 stations in 91 markets, covering 75% of the United States. Other participating stations include those owned by members of NewsON’s owner group as well as stations from Graham Media Group and TEGNA. The NewsON owner group includes the ABC Owned Television Station Group, Cox Media Group, Hearst Television, Hubbard Broadcasting, Media General and Raycom Media. “After a very successful launch of NewsON several days ago, we are delighted that WPLG-TV in Miami has joined our group of participating stations,” said Louis Gump, CEO of NewsON. “Because NewsON expands the reach and relevance of local broadcast news, we believe station affiliates will find great value in participation, and we expect to welcome additional stations from new and existing markets in the coming months.” The NewsON app is available for Apple iPhone and iPad, Android phone and tablet, and on the Roku platform across Roku players and Roku TVs. NewsON provides a nationwide lineup of local news from trusted, credible TV stations, giving consumers access to live and on-demand local newscasts and local news clips. NewsON is available for Apple iPhone and iPad, Android phone and tablet, and Roku devices, and offers a free, ad-supported app which features instant access to broadcast quality video. The NewsON ownership group includes the ABC Owned Television Station Group, Cox Media Group, Hearst Television, Hubbard Broadcasting, Media General and Raycom Media, and also includes additional station groups that are dedicated to serving customers across platforms in their communities and beyond.
News Article | November 5, 2015
RICHMOND, Va.--(BUSINESS WIRE)--Media General, Inc. (“Media General” or the “Company;” NYSE:MEG), one of the nation’s largest local media companies, today reported results for the third quarter that ended September 30, 2015. Commenting on the Company’s results, President and Chief Executive Officer, Vincent L. Sadusky, said: “Our total net revenues, excluding political revenues in this off-cycle year, increased 7% year-over-year. Our strong results were driven by 4% growth in core advertising and higher retransmission consent fees. Our team made meaningful progress on the integration of our legacy companies, including over achieving on synergies. We believe we are well-positioned for a great 2016 as we capitalize on our scale, political footprint and the popularity of live events, such as the Summer Olympics on our 14 NBC stations." The Company completed its merger with LIN Media LLC ("LIN Media") on December 19, 2014. As a result, its 2014 GAAP financial results for the three and nine months ended September 30, 2014 do not include LIN Media’s results, nor do they reflect the operating results of any acquired stations for the period prior to their acquisition, but do include the results of divested stations prior to their divestiture. For informational purposes, the Company has provided Supplemental Combined Company Financial Information on the Investor Relations page of its website, which information is intended to show the historical financial results of LIN Media and Media General on a combined basis. These combined financial results include the results of LIN Media and stations located in Tampa and Colorado Springs that were acquired in connection with the LIN Media merger and a station in Harrisburg that was acquired in September 2014, but exclude the results of stations divested in connection with the merger and the anticipated merger-related synergies. The combined financial results reflect an estimate of the impact as though the loss of the Company’s CBS affiliation in Indianapolis had occurred on January 1, 2014. The station converted to a CW affiliation on January 1, 2015. The Supplemental Combined Company Financial Information does not purport to be indicative of the financial results that would have been achieved had the LIN Media combination transaction occurred as of the beginning of the periods presented, nor is it indicative of the results that may occur in the future. Summary of Results for the Third Quarter 2015 based on GAAP Financial Information Supplemental Combined Company Financial Information for Third Quarter 2015 The Company has a $150 million revolving credit facility that was undrawn, with $147 million of availability as of September 30, 2015. Consolidated net leverage, as defined in the credit agreement governing the senior secured credit facility, was 5.07x as of September 30, 2015. Components of cash flow in the third quarter of 2015 included: On a Supplemental Combined Company basis, excluding political advertising revenues, the Company expects that net revenues for the fourth quarter of 2015 will increase in the range of 11% to 15%, as compared to the prior year. Including political advertising revenues, the Company expects that net revenues for the fourth quarter of 2015 will decrease in the range of -2% to -5% (or -$7 million to -$18 million), as compared to the prior year. Excluding programming fees, the Company expects direct operating and selling, general and administrative expenses, which include variable sales-related expenses, to increase in the range of 3% to 5% (or $5 million to $9 million) in the fourth quarter of 2015, as compared to reported expenses on a Supplemental Combined Company basis of $204 million in the fourth quarter of 2014. Including programming fees, the Company expects direct operating and selling, general and administrative expenses to increase in the range of 12% to 14% (or $26 million to $30 million). The Company’s current outlook for revenues, expenses and cash flow items for the fourth quarter of 2015, excluding special items, are anticipated to be in the following ranges: The Company advises that all of the information and factors set forth above are subject to risks, uncertainties and assumptions (see “Forward-Looking Statements” below), which could individually or collectively cause actual results to differ materially from those projected above. The Company will hold a conference call to discuss its third quarter 2015 results today, November 5, 2015, at 9:00 AM Eastern Time. To participate in the call, please dial 1-800-768-6569 for U.S. callers and 1-785-830-7992 for international callers. The call-in pass code is 8822544. Callers who intend to participate in the call should dial-in 10 minutes before the start of the call to ensure access. The conference call will also be webcast simultaneously from the Company’s website, www.mediageneral.com, and can be accessed there through a link on the home page. For those unavailable to participate in the live teleconference, a replay will be accessible via the Investor Relations section of www.mediageneral.com or by dialing 1-888-203-1112 and entering the same pass code as above. The telephone replay will be available through November 19, 2015. Access to Non-GAAP Financial Measures and Other Supplemental Financial Data The Company reports and discusses its operating results using financial measures consistent with generally accepted accounting principles (“GAAP”). Non-GAAP financial measures such as Broadcast Cash Flow (“BCF”), Earnings Before Interest, Taxes, Depreciation and Amortization, as adjusted (“Adjusted EBITDA”), Free Cash Flow (“FCF”) and the financial measures reflected in the Combined Company Financial Information should not be viewed as alternatives or substitutes for GAAP reporting. However, BCF, Adjusted EBITDA and FCF are common supplemental measures of performance used by investors, lenders, rating agencies and financial analysts. Moreover, the historical Combined Company Financial Information reflects financial results for historical periods for the businesses of Media General, LIN Media and Young, which are currently owned by the Company, that investors, lenders, rating agencies and financial analysts may wish to compare to the current financial results of the Company. As a result, these non-GAAP measures can provide certain additional insight about the Company and its stations; the Company’s ability to fund acquisitions, investments and working capital needs; the Company’s ability to service its debt; the Company’s performance versus other peer companies in its industry; and other operating performance trends for its businesses. The Company makes available on its website reconciliations of BCF, Adjusted EBITDA and FCF to its operating income, a GAAP reporting measure and reconciliation of financial measures reflected in the combined financial information to comparable GAAP financial measures. In addition, the Company provides additional information on its website, at the same location, regarding historical revenue by source, pro forma income statement information and certain other components of cash flow. Interested parties should go to the Investor Relations section of www.mediageneral.com. The information discussed in this press release, particularly in the section with the heading “Business Outlook,” includes forward-looking statements about the Company’s future operating results within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company based these forward-looking statements on its current assumptions, knowledge, estimates and projections about factors that could affect its future operations. Although the Company believes that its assumptions made in connection with the forward-looking statements are reasonable, no assurances can be given that those assumptions and expectations will prove to be correct. Statements in this press release that are forward-looking include, but are not limited to, changes in direct operating, selling, general and administrative expenses; changes in net broadcast, digital, barter and other revenues; changes in direct operating, selling, general and administrative, station and corporate non-cash share-based compensation, amortization of program rights and corporate and other expenses; and cash payments for programming; depreciation and amortization of intangibles; cash capital expenditures; cash interest expense and principal amortization; and cash tax payments and effective tax rates. These forward-looking statements are subject to various risks, uncertainties and assumptions which may cause these expectations and assumptions not to occur or to differ materially from those outcomes projected in the forward-looking statements. Such risks and uncertainties include, but are not limited to: the impact of the proposed business combination with Meredith Corporation, the unsolicited proposal received from Nexstar Broadcasting Group, Inc., the business combinations with LIN Media and Young and the ability to integrate such entities; volatility of advertising revenue; restrictions on the Company’s operations as a result of its indebtedness; the ability to renew retransmission consent agreements; changes in government regulations and the ability to obtain necessary consents; changes in or terminations of network affiliation agreements; competition; changes in audience share or ratings; and the potential influence of certain shareholders, including Standard General L.P. and its affiliates; and other risks discussed in the Company’s Annual Report on Form 10-K and other filings made with the SEC (which are available on the Investor Relations section of www.mediageneral.com, or at www.sec.gov), which are incorporated in this release by reference. The forward-looking statements included in this release are made only as of the date of this release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required to by applicable law. Media General is one of the nation's largest local media companies that operates or services 71 television stations in 48 markets, along with the industry's leading digital media business. Our robust portfolio of broadcast, digital and mobile products informs and engages 23% of U.S. TV households and 90% of the total U.S. Internet audience. Media General has one of the industry's largest and most diverse digital media businesses that includes One Mobile, Federated Media, HYFN and Dedicated Media, all under the LIN Digital banner. With unmatched local-to-national reach and integrated marketing solutions, Media General is a one-stop-shop for agencies and brands that want to effectively and efficiently reach their target audiences across all screens. Media General trades on the NYSE under the symbol “MEG.” For more information, visit www.mediageneral.com.
News Article | November 4, 2015
Heads up, cord cutters: You no longer have to miss out on local news broadcasts, thanks to a new app called NewsOn. Launched on Tuesday for iOS, Android, and Roku, the free, ad-supported app offers live and on-demand local newscasts right to your mobile device or TV. The app features video content from 118 stations in 90 markets, covering approximately 75 percent of the U.S. That includes stations operated by ABC Owned Television Station Group, Cox Media Group, Hearst Television, Media General, and Raycom Media. Together, these five broadcast TV station groups formed NewsON back in June, and now the app is available for download. It lets you find stations anywhere in the U.S. via an interactive map, and then access their newscasts right away, without having to log in or pay. While watching, you can skip to the segments that you care about most — like business, sports, weather, or traffic. The app also lets you save your favorite stations for easy access later, and share content directly or post it on Facebook or Twitter. You'll also be able to access real-time tweets about local news via the app to see what other people are saying about stories. "NewsON offers the most comprehensive collection of local news video available today for mobile and connected TV viewers, and we expect the number of participating stations to grow between now and the end of the year," Louis Gump, CEO of NewsON, said in a statement. NewsOn is available for download in the App Store, Google Play, and Roku Channel Store.
News Article | November 4, 2015
ATLANTA--(BUSINESS WIRE)--NewsON, a venture dedicated to providing local news nationwide, today announced the launch of the NewsON app, a groundbreaking new service that provides consumers access to live and on-demand local newscasts and local news clips. The free, ad-supported app features flexible navigation that encourages discovery, offering instant access to broadcast quality video. It also enables users to search by market via an interactive map and for curated content linking coverage of breaking news events from multiple stations. NewsON is available beginning today for Apple iPhone and iPad, Android phone and tablet, and on the Roku platform across Roku players and Roku TVs. NewsON features video content from 118 stations in 90 markets, covering approximately 75% of the United States. At launch, participating stations include those owned by members of NewsON’s owner group as well as stations from Graham Media Group and TEGNA. As announced in June, NewsON founding members are the ABC Owned Television Station Group, Cox Media Group, Hearst Television, Media General and Raycom Media. In addition, Hubbard Broadcasting has joined the NewsON founding members as an investor, effective immediately. A recent study underscores local TV’s leading role as a news source. According to the March 2015 report “Local News in a Digital Age” by the Pew Research Center, local TV stations remain the dominant source of news for Americans in markets both large and small. The appetite for local and neighborhood news, the staple of TV station newscast coverage, is up to twice the demand for national and international news, the study found. In addition, nearly nine-in-ten residents follow local news closely—and about half do so very closely and about two-thirds of the residents in each city from the study discuss local news in person a few times a week or more. Going forward, in addition to the stations available initially, NewsON will welcome new ones from existing and additional markets in the US. At launch, multiple stations will be available through NewsON in some markets, giving viewers the opportunity to “change channels” as they wish. NewsON users will enjoy broadcast-quality video instantly accessible on mobile devices, at the touch of a button. Stations can be found via an interactive map which locates stations most relevant to users – from home markets to business destinations to communities where family members live. While watching, the viewer can use a timeline viewing tool to pinpoint the precise moments he or she wants to watch – from business and sports to weather and traffic. In addition, viewers can access and contribute to real-time tweets about local news, adding their perspective to the community of viewers and increasing the spread of local information. “NewsON expands the reach and relevance of local broadcast news, and delivers a uniquely valuable experience for viewers,” said Louis Gump, CEO of NewsON. “NewsON offers the most comprehensive collection of local news video available today for mobile and connected TV viewers, and we expect the number of participating stations to grow between now and the end of the year. The vast collection of news content, coupled with a powerful interface, gives NewsON the potential to be an iconic app that quickly becomes a consumer favorite.” In addition to iOS and Android smartphones and tablets, the NewsON app is also available to the connected TV market. At launch, the connected TV app will be available exclusively to users of Roku streaming players, the Roku Streaming Stick™ and Roku TVs. NewsON gives local TV stations the ability to deliver live and on-demand local newscasts and local news clips within a robust user interface, and provides connected TV consumers with a new and powerful way to access local news. About NewsON NewsON provides a nationwide lineup of local news from trusted, credible TV stations, giving consumers access to live and on-demand local newscasts and local news clips. NewsON is available for Apple iPhone and iPad, Android phone and tablet, and Roku devices, and offers a free, ad-supported app which features instant access to broadcast quality video. The NewsON ownership group includes the ABC Owned Television Station Group, Cox Media Group, Hearst Television, Hubbard Broadcasting, Media General and Raycom Media, and also includes additional station groups that are dedicated to serving customers across platforms in their communities and beyond.
News Article | November 4, 2015
The -based venture, formed earlier this year, has launched free, ad-supported apps for mobile and connected-TV devices with content from 118 stations in 90 U.S. markets. NewsON is owned by the , , Hearst Television, , and . The service features video content from 118 stations in 90 markets, covering about 75% of the country. At launch, participating stations include those of NewsON's owners as well as stations from and Tegna (formerly ). The NewsON service is available for Apple's iPhone and iPad, Android phones and tablets, and Roku media players and Roku TVs. Users can watch live news, previous broadcasts (up to 48 hours for most stations) and clips. Local broadcasters are eager to bulk up the Internet side of their businesses. Of total U.S. local broadcast TV advertising revenue in 2014, online represented just 4%, or , according to estimates by BIA/Kelsey. The strategy with NewsON is to aggregate local broadcast content under one umbrella brand, with a common set of features. "NewsON expands the reach and relevance of local broadcast news, and delivers a uniquely valuable experience for viewers," NewsON CEO said in announcing the launch. Gump formerly led mobile-app development efforts at and Weather Channel. The NewsON apps provide an interactive map to locate local stations. Users can use a timeline-viewing tool to skip to different segments in a broadcast, such as sports or weather, and can view and contribute to real-time tweets about local news.