Sunday, 30 April 2017
Last updated 2 days ago
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.