Westchester Capital Management buys $31,734,961 stake in Media General Inc (MEG)

Media General Inc (MEG) : Westchester Capital Management scooped up 181,626 additional shares in Media General Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 1,780,862 shares of Media General Inc which is valued at $31,734,961.Media General Inc makes up approximately 0.98% of Westchester Capital Management’s portfolio.

Other Hedge Funds, Including , Gratia Capital sold out all of its stake in MEG during the most recent quarter. The investment firm sold 236,278 shares of MEG which is valued $4,210,474.Proshare Advisors boosted its stake in MEG in the latest quarter, The investment management firm added 1,613 additional shares and now holds a total of 13,343 shares of Media General Inc which is valued at $237,772.Rhumbline Advisers reduced its stake in MEG by selling 15,685 shares or 10.62% in the most recent quarter. The Hedge Fund company now holds 132,057 shares of MEG which is valued at $2,353,256. Media General Inc makes up approx 0.01% of Rhumbline Advisers’s portfolio.Blackrock Advisors boosted its stake in MEG in the latest quarter, The investment management firm added 6,703 additional shares and now holds a total of 50,851 shares of Media General Inc which is valued at $906,165.

Media General Inc opened for trading at $17.7 and hit $17.84 on the upside on Thursday, eventually ending the session at $17.7, with a gain of 0.17% or 0.03 points. The heightened volatility saw the trading volume jump to 22,60,072 shares. Company has a market cap of $2,289 M.

On the company’s financial health, Media General Inc reported $0.14 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Aug 5, 2016. Analyst had a consensus of $0.17. The company had revenue of $363.00 million for the quarter, compared to analysts expectations of $365.85 million. The company’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.01 EPS.

Media General Inc. formerly Mercury New Holdco Inc. is a connected-screen multimedia company. The Company provides news information and entertainment. The Company’s segment include Broadcast segment which has around 71 television stations that are either owned operated or serviced by the Company in around 48 United States markets all of which are engaged principally in the sale of television advertising and Digital segment which includes digital companies: LIN Digital LIN Mobile HYFN Inc. (HYFN) Dedicated Media Inc. (Dedicated Media) BiteSize TV and Federated Media as well as the business operations related to the television station companion Websites. LIN Digital provides display and video advertising. LIN Mobile provides mobile advertising. Federated Media provides display and video advertising. Dedicated Media provides marketing data focusing and analytics for digital marketing campaigns. HYFN is a digital agency. BiteSize TV is a video content creator.

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