Make us your home page

Media General dissidents gain backing for board

Media General Inc. dissidents seeking board seats at the newspaper publisher and broadcaster won the backing of proxy adviser ISS Governance Services, which said the company has "consistently underperformed its peers."

In a report Tuesday, ISS recommended stockholders of the media company elect Jack Liebau and Daniel Sullivan, put forward by hedge fund Harbinger Capital Partners, and withhold support for Eugene Davis, Harbinger's third nominee.

Media General called their qualifications "questionable."

ISS is the second adviser to back Harbinger, after Glass Lewis & Co. recommended voting for Sullivan on Monday. The April 24 election may hinge on the vote of mutual-fund firm Gamco Investors Inc., which owns 22 percent of the Class A stock. Harbinger owns 18 percent.

The proxy adviser also said investors should reject Media General's nominees for the three board seats representing Class A stockholders.

Media General, based in Richmond, Va., publishes 25 daily newspapers, including the Tampa Tribune and Richmond Times-Dispatch, and owns 23 TV stations.

Harbinger wants the company to sell two Internet sites and the Tribune and WFLA-Ch. 8.

On Monday, the Florida Communications Group, a subsidiary of Media General, offered voluntary buyouts to half the employees at the Tribune, WFLA-Ch. 8, and several other news outlets in the Tampa Bay area.

Media General dissidents gain backing for board 04/16/08 [Last modified: Thursday, October 28, 2010 10:33am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Tampa man pleads guilty to forging check for fake investment

    Personal Finance

    A Tampa resident was convicted Thursday for forging a check for a fake investment. The Florida Office of Financial Regulation said that Eric Franz Peer pleaded guilty. He served 11 months in jail and will have to pay $18,000.

  2. Minority business accelerator launch by Tampa chamber to aid black, Hispanic businesses


    A "minority business accelerator" program was launched Thursday by the Greater Tampa Chamber of Commerce geared toward helping black and Hispanic business owners identify and overcome barriers to grow their companies. The accelerator, known as MBA, will provide participants with business tools to cultivate opportunities …

    Bemetra Simmons is a senior private banker at Wells Fargo, The Private Bank. She is also chair of the new minority business accelerator program for the Greater Tampa Chamber of Commerce. [Photo, LinkedIn]
  3. Terrier Tri brings unique triathlon training to South Tampa


    Over a decade ago, Robert Pennino traded late nights in the music studio for early mornings in the Terrier Tri cycle studio.

    Terrier Tri, a cycling studio in South Tampa celebrates a grand opening on June 27. Photo courtesy of Tess Hipp.
  4. New bistro hopes to serve as 'adult Chuck E. Cheese'


    YBOR CITY — Inside Cheezy's Bistro and Speakeasy, a new restaurant opening in Ybor City, customers will find a mix of family recipes, games and secrecy.

    Cheezy's Bistro and Speakeasy readies to open in Ybor City. Photo courtesy of Cheezy's Bistro and Speakeasy.
  5. Ramadan having an economic impact on local charities, businesses

    Economic Development

    TAMPA — Dodging the rain, a few families and customers gathered inside Petra Restaurant on Busch Boulevard. Around 8:30 p.m., the adham (or call to prayer) music begins, signaling Iftar, the end of the daily fast. Customers grabbed a plate to dig into the feast.

    Baha Abdullah, 35, the owner of the Sultan Market makes kataif, a common dessert that is eaten during the month long celebration of Ramadan in Tampa. [OCTAVIO JONES   |   Times]