Media General said Friday that a hedge fund has accumulated 21% of the shares outstanding and is seeking three seats on the newspaper-publishing company's board, setting the stage for a possible proxy battle.Harbinger could be trying to push Media General into a sale or into making it separate its broadcasting and publishing businesses, as some companies have done in this difficult climate.
Movements led by major shareholders spurred the sale of Knight Ridder in 2006 and the privatization of Tribune Co. last year. Also in 2007, Dow Jones & Co, parent of The Wall Street Journal and MarketWatch, was sold to Rupert Murdoch's News Corp. in a $5.6 billion deal. Murdoch offered a significant premium to Dow Jones' depressed stock price, and after some resistance, the controlling Bancroft family ultimately found the bid too compelling to turn down. [Click for MORE]
> Hostile hedge fund plans to elect board members at NYT Co. annual meeting
Movements led by major shareholders spurred the sale of Knight Ridder in 2006 and the privatization of Tribune Co. last year. Also in 2007, Dow Jones & Co, parent of The Wall Street Journal and MarketWatch, was sold to Rupert Murdoch's News Corp. in a $5.6 billion deal. Murdoch offered a significant premium to Dow Jones' depressed stock price, and after some resistance, the controlling Bancroft family ultimately found the bid too compelling to turn down. [Click for MORE]
> Hostile hedge fund plans to elect board members at NYT Co. annual meeting
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