Warren E. Buffett has just acquired a 17% stake in Media General, Inc. according to a 13D just filed with the securities and exchange commission (SEC). Warren Buffett now owns 4,646,220 shares of the News company. The shares were acquired through exercised warrants, which Buffett had received as part of a deal in May. In June 2012, the Company sold 63 daily and weekly newspapers to World Media Enterprises, Inc., a subsidiary of Berkshire Hathaway, Inc.
Media General has a market capitalization of approximately $100 million. The total value of shares held by Buffett is approximately $17 milion.
For the 26 weeks ended 24 June 2012, Media General, Inc. (NYSE:MEG) revenues increased 15% to $159.2M. Net loss before extraordinary items increased 18% to $40.9M. Revenues reflect Mid- South segment increase of 15% to $71.7M, Ohio/Rhode Island segment increase of 15% to $30.5M, Florida segment increase of 13% to $29.1M. Higher net loss reflects Corporate Expense segment loss decrease of less than 1% to $17.4 million.
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Shares of the company closed today at $5.07.
Full disclosure: No position in any securities mentioned in this article