Found inside – Page 203... 2001 General Election', Media, Culture and Society, 26 (1): 63–80. Buffett, W. (2007) Letter to Shareholders of Berkshire Hathaway Inc., 28 February. At $142 million , he is buying 63 titles or about 21 actual “newspaper” properties. Newsonomics pays special attention to media and journalism students in a chapter on the back-to-the-future skills they'll need, while marketing professionals get their own view of what the changes mean to them. A nationwide footprint offers consistency of product expertise and quality service to provide significant value for independent agent and broker customers. "We are extremely pleased to enter into a new financing partnership with the highly respected Berkshire Hathaway organization. Found insideIn 2012, Berkshire Hathaway acquired 63 daily newspapers and weeklies in Virginia, North Carolina, South Carolina and Alabama from Media General for $142 ... Shareholders Agreement, dated as of May 24, 2012, by and among Media General, Inc., Berkshire Hathaway Inc., D. Tennant Bryan Media Trust and J. Stewart Bryan III (incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K/A filed by Media General, Inc. on May 24, 2012). Publishing date: The new loan will be issued at a discount of 11.5 percent and is secured pari passu with the company's existing 11-3/4 percent senior secured notes due 2017. MEDIA GENERAL, INC. (Name of Issuer) CLASS A COMMON STOCK, PAR VALUE $5.00 PER SHARE (Title of Class of Securities) 584404107 (CUSIP Number) MARC D. HAMBURG. Have questions about Berkshire Hathaway HomeServices? “We are honored to have the opportunity to work with our new colleagues as we continue to produce top-notch news and advertising products in both print and digital platforms.”. Although the shares are publicly traded, the Bryan family still ran the business and held a majority of shares. The existing term loan in the amount of approximately $364 million will be fully repaid the same day the new credit agreement becomes effective. The consideration that was offered by the management of Berkshire Hathaway to the owners of Media General newspaper division comprised of two inseparable parts. Warren Buffett's sparing use of social media encompasses a deeper philosophy that could teach us all an important life lesson. So, Berkshire Hathaway takes the newspapers off of Media General’s hands. The move is just the latest foray into print from Buffett. The highly publicized event was canceled. On May 17, 2012, it was announced that investment company Berkshire Hathaway would be acquiring Media General's newspaper division (excluding The Tampa Tribune); 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. Warren Buffett's Berkshire Hathaway Inc. is boosting its bet on the newspaper industry, with a deal to buy the majority of Media General Inc.'s papers for $142 million in cash, making him one of the largest publishers in the United States. Copies of the new credit agreement and the asset purchase agreement will be included in a Form 8-K filed with the SEC later today. Publishing date: Found inside – Page 140of sixty-three papers in the financially struggling Media General operation purchased by Buffett's Berkshire Hathaway Corporation. The stake, which likely came at little cost to Berkshire Hathaway, currently is worth nearly $85 million. After transaction fees and retaining $25 million in cash, Media General will use the proceeds from the newspaper sale to offer to repay existing senior secured notes, with any remaining funds to be used for repayment of the new term loan at par. Berkshire Hathaway’s 2020 Letter to Shareholders epitomised their ability to achieve prosperity during turbulent times. The company expects to generate $40-45 million in political revenues and will benefit from operating in the key battleground states of Ohio, Florida, Virginia and North Carolina. Berkshire's loans, which carried an interest rate of 10.5%, and its warrants, quickly paid off. Berkshire Hathaway. “The many locales served by the newspapers we are acquiring fall firmly in this mold and we are delighted they have found a permanent home with Berkshire Hathaway.”, Marshall N. Morton, president and chief executive officer of Media General, said, “We are extremely pleased to enter into a new financing partnership with the highly respected Berkshire Hathaway organization. Helpful life insurance agents, who can assist you in servicing your policy, are just a phone call away. The following year, he snapped up papers from Media General Inc. Berkshire Hathaway shareholders look at a lobby display at the World-Herald printing facility in Omaha. Berkshire Hathaway is one of the biggest beneficiaries of Media General's merger with Lin Media. Browse 109 BERKSHIRE HATHAWAY MEDIA Jobs ($31K-$75K) hiring now from companies with openings. Those warrants have paid off handsomely, and continue to rise as Media General seeks additional consolidation in its announced merger with LIN Media on Friday. Under a separate credit agreement, Berkshire Hathaway will provide Media General with a $400 million term loan and a $45 million revolving credit line. On May 12, 2012, BH Media Group, a subsidiary of Warren Buffett's Berkshire Hathaway, announced an offer to buy Media General's (MEG) newspaper division for $142 million in cash and provide debt financing to the struggling firm. Yet, for all its power and celebrity, few people understand Berkshire, and many assume it cannot survive without Buffett. This book proves that assumption wrong. A separate Berkshire subsidiary is financing the deal (that was also an element of the Media General purchase). “In towns and cities where there is a strong sense of community, there is no more important institution than the local paper,” said Warren Buffett, chairman of Berkshire Hathaway. Portfolio sector by portfolio percentage: Found insideBerkshire starts to buy shares in General Foods (Foods), Handy & Harman (Metals and Mining), Affiliated Publications (Publishing), Media General ... On May 12, 2012, BH Media Group, a subsidiary of Warren Buffett's Berkshire Hathaway, announced an offer to buy Media General's (MEG) newspaper division for $142 million in cash and provide debt financing to the struggling firm. In 2012, it operated 18 TV stations and published 64 newspapers. His personal stock portfolio is almost 100% Berkshire Hathaway stock. Media General, Inc. (NYSE: MEG) today announced that it has signed agreements with Berkshire Hathaway, Inc., (NYSE: BRK.A and BRK.B) for the purchase of newspapers and new financing. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Get Berkshire Hathaway Inc. Class B Report. Media General's financial advisor is Peter J. Solomon Company. If you have a friend, child, or parent who needs a pathway to a better understanding of some financial fundamentals, get this book for them—it'll go a long way to bringing them up to speed." —Simon Lorne, Vice Chairman and Chief Legal ... Under a separate credit agreement, Berkshire Hathaway will provide Media General with a $400 million term loan and a $45 million revolving credit line. Found insideA Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate ... The General Counsel took the matter to his boss, CEO John Gutfreund, ... It was founded by the Butler family in 1881 and Warren Buffett’s Berkshire Hathaway took control in 1977. Found insideC. It violated several of the tenets for investment by Warren Buffett. D. It was Berkshire's first-ever media-related investment. 20. Found inside... Software Development (Summify) Financial Conglomerate (Berkshire Hathaway) + CONGLOMERATE MERGER Newspapers (Media General) (AT&T) (T-Mobile) HOrizOnTAL ... Media General, Inc. announced that it has signed agreements with Berkshire Hathaway, Inc., for the purchase of newspapers and new financing. Media General expects to enter into a transaction with one of several prospective buyers for its Tampa, Florida print properties. Found inside... BERKSHIRE HATHAWAY INC Gemstar International Group, Ltd.; GEMSTAR-TV GUIDE INTERNATIONAL INC General Electric; VALUEVISION MEDIA INC General Electric ... Warren Buffett's Berkshire Hathaway Inc. agreed to buy 63 newspapers from Media General Inc. for $142 million, significantly expanding Berkshire's presence … NEW YORK — Billionaire Warren Buffett’s company is making another foray into newspapers, agreeing to buy 63 newspapers from Media General Inc. for $142 million. The Richmond, Va.-based Media General says … Media General now expects total cash interest expense in 2012 will be approximately $67 million. When typing in this field, a list of search results will appear and be automatically updated as you type. Broadcast television accounted for 77% of total Platform Cash Flow for the full year 2011; in the first quarter of this political year, it accounted for 87%. Warren Buffett's Berkshire Hathaway is making another bet on the newspaper industry, with a deal to buy the majority of Media General Inc. papers for US$142-million in cash. On Thursday, May 17, 2012, Buffett's company Berkshire Hathaway agreed to buy 63 papers from Media General Inc. The Snowball provides a comprehensive, richly detailed insight one of the world's most extraordinary and much loved public figures. Found inside... General Foods 66.3 Handy & Harman 27.3 Interpublic Group 4.5 Kaiser Aluminium and Chemical 20.6 Kaiser Industries 0.8 Knight Ridder 7.5 Media General ... As part of the deal, Media General kept its broadcast operations, including WFLA, borrowed $400 … Total interest expense, including non-cash amortization of issue discount, new issuance fees, and the warrants, is expected to be $80 million in 2012. Berkshire Bets … Media General Inc., a company that entered the newspaper business in 1850, is no exception to the rule. *2020 REALTrends Market Leaders Report BERKSHIRE HATHAWAY INC. 3555 FARNAM STREET. The newspaper transaction is expected to close on June 25. Found inside... MEDIA INC General Electric Co (GE); NBC UNIVERSAL General Jackson Showboat; GAYLORD ENTERTAINMENT CO General Re Corporation; BERKSHIRE HATHAWAY INC ... Author of the article: Reuters. PV of Terminal=62.91. NEW YORK (AP) -- Billionaire Warren Buffett's company is making another foray into newspapers, agreeing to buy 63 newspapers from Media General Inc. for $142 million. A transition will take place over several months, in coordination with Media General personnel. FWONK. Berkshire May Avoid $400 Million in Tax in Graham Deal. In addition to collecting on the loans, Buffett's Berkshire Hathaway received warrants to acquire 19.9% of Media General's shares at an unspecified strike price. On May 12, 2012, BH Media Group, a subsidiary of Warren Buffett's Berkshire Hathaway, announced an offer to buy Media General's (MEG) newspaper division for USD142 million in cash and provide debt financing to the struggling firm. In the refinancing, Media General took out a $60 million five-year revolving credit facility and a $885 million seven-year term loan at an interest rate of LIBOR plus 3.25%, with a 1% LIBOR floor. His firm, Berkshire Hathaway, is paying $142m (£90m) to buy a controlling stake in Media General, and will also loan the firm $400m and extend an extra $45m flexible credit line. Berkshire Hathaway Inc. is also extending a loan to Media General and taking a 19.9 percent stake … Found insideDenver Post owner Digital First Media not being sold; CEO departing. ... Berkshire Hathaway buying Richmond Times-Dispatch, other Media General papers. "The many locales served by the newspapers we are acquiring fall firmly in this mold and we are delighted they have found a permanent home with Berkshire Hathaway.". Found inside... INC FlightSafety International, Inc.; BERKSHIRE HATHAWAY INC Flirt!; ... Inc.; USN CORPORATION General Electric; VALUEVISION MEDIA INC General Nutrition ... Corporate Finance Day4-1: Buffett’s Bid for Media General’s Newspapers Seiichiro Iwasawa NUCB Berkshire Hathaway Inc. is also extending a loan to Media General and taking a 19.9 percent stake in the company, which will still own 18 TV stations. In conjunction with this, Media General will issue Berkshire Hathaway penny warrants for approximately 4.6 million Class A shares, which represents 19.9 percent of Media General's existing shares outstanding. Media General, Inc. announced that it has signed agreements with Berkshire Hathaway, Inc., for the purchase of newspapers and new financing. Warren Buffett’s Berkshire Hathaway’s (BH’s) offer to Media General Inc, a newspaper publishing and broadcasting company consists of an asset purchase agreement and a credit agreement. Marshall Morton. Found inside – Page 511General Re, owned by Warren Buffett's Berkshire Hathaway, ... The media was reporting that Buffett was being questioned by government investigators on his ... In exchange for the loans, Media General will issue penny warrants for some 4.6m of its class A shares, accounting for 19.9% of its capital, to Berkshire Hathaway. The credit agreement is scheduled to complete by 24 May. As part of the newspaper purchase and its loan to Media General, Berkshire also received penny warrants for approximately 4.6 million of Media General's Class A shares, about 20% of its outstanding stock at the time. Following the sale of newspapers to Berkshire Hathaway, the company's operations will include 18 network-affiliated television stations and their associated websites. The closing date of the new credit agreement is expected to be no later than May 24. As a kicker, Berkshire gets warrants to own 20 percent of Media General’s remaining television-focused business as well as a seat on its board. As was the case when Berkshire Hathaway bought the newspaper properties from Media General, Berkshire is providing a key financing aspect to the Lee transaction. The sale is subject to customary closing conditions, including Federal Trade Commission approval under the Hart-Scott-Rodino antitrust act. In August 2013, Media General and Young Broadcasting agreed to a merger that refinanced the company's outstanding debts at far lower interest rates than its deal with Berkshire Hathaway. Our new credit agreement addresses Media General’s long-term capital needs and provides the company with significant financial and operating flexibility.”. Most recent portfolio value is calculated to be $ 293,023,412,000 USD. The Berkshire Hathaway portfolio is a diverse set of blue chips and, increasingly, lesser-known growth bets. The Tampa properties, which compete with … Although the shares are publicly traded, the Bryan family still ran the business and held a majority of shares. Found inside – Page 93connections with other media corporations and his multi - billionaire status by the ... The rest of Buffett's holdings were owned through Berkshire Hathaway ... © 2021 TheStreet, Inc. All rights reserved. (Courtesy of Media General) Media General put forth a proposal on a Thursday, and Berkshire Hathaway, Warren Buffett’s investment company, came back with questions and terms of its own by the following Monday. Berkshire Hathaway became Media General’s sole financial lender through a $400 million term loan and a $45 million credit line. MEDIA GENERAL, INC. (Name of Issuer) CLASS A COMMON STOCK, PAR VALUE $5.00 PER SHARE (Title of Class of Securities) 584404107 (CUSIP Number) MARC D. HAMBURG. Stake, which likely came at little cost to Berkshire Hathaway 's Warren Buffett and his lieutenants HomeServices symbol registered... Investor Relations section s like buying a top-of-the-line house in each city, but you Get a newspaper with it... 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