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Media General Also Says No To Harbinger Nominees

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Harbinger’s move against Media General (NYSE: MEG) hasn’t got as much attention as its efforts at The New York Times Company, in part because the group hasn’t been upping its stake on a seemingly daily basis and also because, well, it’s Media General and not the New York Times (NYSE: NYT). Not surprisingly at all, the newspaper publisher is urging its shareholders to ignore the group’s proposed board slate. From the company’s preliminary proxy filed today: “ CAUTION MEDIA GENERAL HAS RECEIVED A NOTICE FROM HARBINGER CAPITAL PARTNERS MASTER FUND, A CAYMAN ISLANDS HEDGE FUND, AND AN AFFILIATE, SEEKING TO NOMINATE THREE INDIVIDUALS FOR ELECTION TO MEDIA GENERAL’S BOARD OF DIRECTORS AT THE COMPANY’S ANNUAL MEETING. THE BOARD DOES NOT BELIEVE THIS IS IN THE COMPANY’S BEST INTEREST AND STRONGLY URGES YOU NOT TO SIGN ANY PROXY CARDS SENT TO YOU BY HARBINGER. IF YOU HAVE PREVIOUSLY SIGNED A HARBINGER PROXY CARD, YOU CAN REVOKE IT BY SIGNING, DATING AND MAILING THE ENCLOSED WHITE PROXY CARD IN THE ENVELOPE PROVIDED.” Yes, it’s in all caps, in bold and italicized.

Also, according to the filing, Harbinger’s 18.4 percent stake in the company is second only to Mario Gabelli’s firm Gamco, which holds a 21.9 percent stake. Media General’s annual meeting will be held on April 24 at the Richmond Newspapers Production Facility.

Feb 26, 2008 8:13 PM ET

Posted In: Media & Publishing, Newspapers, Companies, New York Times

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