Media companies The New York Times Co and Media General Inc on Friday said hedge fund Harbinger Capital Partners is seeking to elect members to their boards of directors at annual meetings this spring.
Broadcast and newspaper company Media General Inc., described the hedge fund's move to nominate three new members to its board at an April 24 annual meeting as hostile and disruptive, Reuters reports.
Media General is a media company based in the Southeastern United States. Its major properties include newspapers such as The Tampa Tribune, the Winston-Salem Journal, and the Richmond Times-Dispatch, as well as numerous television stations, such as flagship station WFLA.
The company was originally called Richmond Newspapers until 1969, when it was renamed "Media General", as the company's media properties grew and diversified.
In 1982 the company acquired The William B. Tanner Company (previously known as Pepper-Tanner) a commercial radio jingle production company headquartered in Memphis which competed with Dallas-based TM Productions,Century 21 Productions,JAM Creative Productions and PAMS. It was later divested in 1988.
Media General's newspaper and television operations originate from Richmond, Virginia. Tampa, Florida, is its largest market.
Many of the television stations have a similar branding, similar slogans, and a similar appearance.
The New York Times Company is an American media company. It is best known as the publisher of its namesake, The New York Times, but most of the company's revenues are from other assets. Arthur Ochs Sulzberger, Jr. has served as Chairman of the Board since 1997.
The company had 2005 revenues of $3.4 billion. It also owns The Boston Globe, the International Herald Tribune, almost two dozen other regional newspapers in the United States (15 of which publish daily), and one New York City radio station, the legendary WQXR. In 2005, it had 35 web sites, including NYTimes.com, Boston.com and About.com.