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 1966, it purchased a majority interest in the
Tampa Tribune, which included
WFLA-AM-
FM-
TV in
Tampa, making that the company's first ever foray into television, a strategy that was later used by such acquisition practices. In 1969, as the company's media properties grew and diversified, it was renamed Media General.
Additional acquisitions In 1981, the company began its expansion practice of television stations under the Media General Telecommunications subsidiary. It first purchased
WJKS-TV in
Jacksonville from
Ziff-Davis Broadcasting on December 7, 1981, for $18 million. The sale was approved on November 8, 1982. On July 5, 1982, the company bought out
WCBD-TV in
Charleston from the
State Telecasting Company for $8 million, the deal was approved on January 24, 1983. In 1982 the company acquired The William B. Tanner Company (previously known as Pepper-Tanner), a commercial
radio jingle production company headquartered in
Memphis. It was divested in 1988. In 1987, Media General, which included its Media General Broadcast Group comprising three television stations at that time, as well as its cable systems in various areas was sold off to a group led by The Giant Group, a firm owned by
Burt Sugarman, which purchased a stake for $103.8 million, with backing also held by television production company
Barris Industries. 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 were put up for sale on January 9, 2006. On April 6,
NBC Owned Television Stations 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 July 28, 2006, Media General announced that it would sell KWCH-TV and its satellites to a Schurz Communications-affiliated company Sunflower Broadcasting for $73 million. 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. Between 2006 and 2008, Morris Network, a division of
Morris Multimedia bought out two station properties,
WDEF and
WTVQ. The price for WDEF cost $22 million, and the latter's price for WTVQ-TV cost $16.5 million, totaling up to a $38.5 million budget for the combined two stations. On October 29, 2007, Media General announced that the company was exploring the sale of
WCWJ,
KALB-TV,
WMBB, 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 June 6, 2013,
Young Broadcasting announced that it would merge with Media General. On November 8, the FCC approved the merger. The merger closed on November 12. 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 (
Birmingham,
Green Bay,
Mobile,
Providence and
Savannah) where both groups already own stations. On August 20, 2014, Media General and LIN Media announced several sales. Media General sold
WJAR,
WLUK,
WTGS and
WCWF to the
Sinclair Broadcast Group in exchange for Sinclair's
KXRM,
KXTU,
WHTM and
WTTA. Although the WHTM sale was discussed two months earlier, it was completed in September 2014; the rest of the transactions would not come into effect until the deal was completed.
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 and shared services 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 and SSAs. 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.
Aborted merger with Meredith; 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 become 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 (Greenville-Spartanburg, Hartford-New Haven, Mobile, Nashville, Portland (OR) and Springfield (MA)). 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 (7% stake) and Starboard Capital (4.5% stake) 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 in debt. The combined company will be known as Nexstar Media Group and will own 171 stations, serving an estimated 39% of households. The company will pay Meredith a termination fee of $60 million and give Meredith the right of first refusal to acquire any broadcast or digital properties that may be divested during the merger (a clause that Meredith did not exercise). 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==