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

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...