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Tarheel316 · Aug 10, 2011

I also feel that if you successfully sue to retain your job, you're going to be in a position where you're at a place that doesn't want you and the tiniest of transgressions could result in a termination.
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Without a doubt.

Moderator1 · Feb 22, 2012

Papers for sale, papers for sale:

RICHMOND, VA. -- Media General, Inc. (NYSE: MEG) today announced that
it is exploring the potential sale of newspaper operations. Media
General said it has received inquiries from several third parties
regarding the potential purchase of certain of its print assets. The
company wishes to ensure that any divestiture it may make maximizes
shareholder value.

Media General has indicated in recent months that it will consider
asset sales at valuations that reflect the strength of its properties
as a means of reducing total debt outstanding over time. The company
noted that the valuations of local media properties in recent merger
and acquisition transactions, including local newspapers, have
reflected the strong market positions of the entities being sold.
Media General’s newspaper brands are the leading print products in
their core markets.

The company said there can be no assurance that any transaction will
take place. Media General provided no definitive timetable for the
evaluation process to conclude. Additional information will be
provided if and when the company enters into a transaction. The
investment banking advisory firm Peter J. Solomon Company is assisting
Media General with the strategic evaluation process.

Jake_Taylor · Feb 22, 2012

This email went out in the company from everybody's good buddy Marshall Morton:

Dear Fellow Employees,

This afternoon Media General issued a press release announcing that the company is exploring the potential sale of newspaper operations. A copy of the release is posted on the Meganet.

Several times over the past few months, we have stated publicly that to reduce total debt outstanding over time we would consider asset sales if we could obtain valuations that reflected the strength of our properties. In the latter part of 2011, a number of transactions were completed for local media properties, including newspapers, at valuation levels that have not occurred in a number of years, certainly not since the economic downturn began. This is a positive development for the industry. This new marketplace compels us to consider various alternatives.

As we undertake this exploration process, we cannot say that any particular transaction will or will not take place. What we can say is that we will consider various options as we work to increase overall cash flow and reduce total debt outstanding over time.

Any decision to part with any of our properties and their associated employees would be difficult. These are people we value. At the same time, we are mindful that we have sold eight television stations since 2006 and created new opportunities for those properties and employees, and our own acquisitions have done the same.

As we evaluate options, the best course for all of us is to stay focused on continuing to execute our strategy of increasing audience, revenues and cash flow. Your hard work and dedication as we strive to achieve the best outcome for Media General are a key part of accomplishing that goal.
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Jake_Taylor · Feb 22, 2012

The big question in the office here is who, if anyone, would be in the market to buy some or all of these papers?

Zeke12 · Feb 22, 2012

Got that WMD, right cheer, right cheer.

Cosmo · Feb 22, 2012

Got that pandemic!

I have no idea what this means. Just don't let Gannett buy the damn thing. I would think the papers that have in-house printing operations are quite thankful.

beanpole · Feb 22, 2012

Have to wonder if Halifax is in play, considering its acquisition of the NYT regional papers. MG properties in North Carolina, Florida and the rest of the southeast would be a nice regional fit.

Drip · Feb 22, 2012

This may not end well.

LanceyHoward · Feb 22, 2012

Drip said:

This may not end well.
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I can not envision a scenario with a happy ending. Best of luck to all involved.

deskslave · Feb 23, 2012

beanpole said:

Have to wonder if Halifax is in play, considering its acquisition of the NYT regional papers. MG properties in North Carolina, Florida and the rest of the southeast would be a nice regional fit.
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Friend at one of the new Halifax papers says that rumor is indeed circulating, at least for Tampa.

TigerVols · Feb 23, 2012

Jake_Taylor said:

In the latter part of 2011, a number of transactions were completed for local media properties, including newspapers, at valuation levels that have not occurred in a number of years, certainly not since the economic downturn began. This is a positive development for the industry. This new marketplace compels us to consider various alternatives.
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How many multi-millionaire developers with a Christian agenda are out there, other than the guy in San Diego who inflated the comps?

PaperDoll · Feb 23, 2012

Cosmo said:

I have no idea what this means. Just don't let Gannett buy the damn thing. I would think the papers that have in-house printing operations are quite thankful.
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Gannett mentioned "strategic acquisitions" in its Wall Street webcast yesterday. Maybe the execs were talking about more than just buying content-producing websites.

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