Billionaire Warren Buffett’s company Berkshire Hathaway Inc. (NYSE:BRK.A) is making another foray into newspapers, deciding to acquire 63 newspapers from Media General, Inc. (NYSE:MEG) for $142 million.
Berkshire Hathaway Inc. is also expanding a loan to Media General and taking a 19.9% stake in the firm, which will still own 18 TV stations. Media General also owns several websites, such as coupon provider DealTaker.com.
Media General on Thursday reported the agreement includes all of its newspapers except the Tampa Tribune of Florida and smaller newspapers in that market. It’s in discussion to sell those newspapers to other buyers.
Turning towards the sector Gannett Co., Inc. (NYSE:GCI) lost -2.02%, The New York Times Company (NYSE:NYT) fell -0.63%, The McClatchy Company (NYSE:MNI) moved up +1.70%, The E.W.Scripps Company (NYSE:SSP) dropped -2.03%, Journal Communications, Inc. (NYSE:JRN) which increased +0.48% and Lee Enterprises, Incorporated (NYSE:LEE) traded at flat.
Media General, Inc. (NYSE:MEG) stock reports on May 17, 2012 increased 33.12% to the closing price of $4.18. Its fifty two week range was $1.14-$6.84. The total market capitalization remained $97.57 billion.
The overall volume in the last trading session was 1.85 million shares. In its share capital MEG has 23.35 million outstanding shares among them 20.46 million shares have been floated in market exchange. MEG stock institutional ownership remained 69.41% while insider ownership included 3.15%.
MEG is ahead its 52 week low with 266.67% and lagging behind from its 52 week high price with -38.89%. MEG last month stock price volatility remained 6.76%. The stock price of MEG is moving forward from its 20 days moving average with 23.56% and remote negatively from 50 days moving average with -3.91%.
MEG current year earnings per share experienced an addition with -226.31% while its current quarter performance remained -16.90%. Company’s beta coefficient included 2.97. Beta factors measures the amount of market risk associated with market trade.
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