Harbinger Wins Media General Board Seats

Apr 24 2008 | 2:26pm ET

Activist hedge fund Harbinger Capital Management has succeeded in getting its slate of director candidates elected to Media General’s board.

Preliminary results show that shareholders of the Richmond, Va.-based publisher elected Harbinger’s dissident slate of three. Media General, which owns the Richmond Times-Dispatch, Tampa (Fla.) Tribune and WFLA, Florida’s highest-rated television station, among other properties.

The hedge fund and publisher have engaged in a war of words since Harbinger—which criticized Media General’s performance and called on the company to consider “alternatives” for its Florida properties, as well as taking aim at its dual-share structure that gives the Bryan family control of the company—announced its intention to seek board representation. Earlier this month, Media General CEO Marshall Morton said the newly-elected Harbinger-backed directors “cannot hold a candle” to its defeated incumbents.

Harbinger last month won a pair of seats on The New York Times Co. board under an agreement with the Gray Lady.

 


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of