On Tuesday, Shares of Media General Inc (NYSE:MEG), lost -6.01% to $10.48.
Media General, and Meredith Corporation, declared a definitive merger agreement under which Media General will acquire all of the outstanding common stock of Meredith in a cash and stock transaction presently valued at about $2.4 billion to create a powerful new multiplatform and diversified media company to be known as Meredith Media General.
Under the terms of the agreement, Meredith shareholders will receive cash and stock valued at $51.53 per share, which represents a 12 percent premium to Meredith’s closing stock price on September 4, 2015. Both classes of Meredith stock, Common Stock and Class B Common Stock, will receive the same consideration per share. Based on Meredith’s net debt balance of $772 million at June 30, 2015, the transaction enterprise value is about $3.1 billion.
Media General has formed a new holding company, which after closing will be named Meredith Media General. Media General shareholders will receive one share of the new holding company for each share of Media General they own upon closing. Meredith shareholders will receive $34.57 in cash and 1.5214 shares of the new holding company for each share of Meredith they own upon closing. Upon the closing of the transaction, Media General shareholders will own about 65 percent and Meredith shareholders will own about 35 percent of the fully-diluted shares of Meredith Media General.
Media General, Inc. owns and operates television stations in the United States. It operates 71 network-associated stations, and their associated digital media and mobile platforms, counting 22 CBS stations, 14 NBC stations, 12 ABC stations, 8 FOX stations, 7 MyNetworkTV stations, 7 CW stations, and 1 Telemundo station in 48 markets. Media General, Inc. was founded in 1850 and is headquartered in Richmond, Virginia.
Shares of Mastercard Inc (NYSE:MA), inclined 2.57% to $92.86, during its last trading session.
MasterCard, declared that Google will be among the first digital partners to take part in its Digital Enablement Express program, which the company launched earlier recently with support from several leading banks. Through its participation in Express, Google will have a streamlined onboarding process to engage with all participating MasterCard issuers around the globe, accelerating consumer access to Android Pay.
“We are looking forward to bringing a best-in-class payments experience to consumers with Android Pay. Working with MasterCard’s Express platform will give us a highly scalable way to enable issuing banks to take part in Android Pay, while at the same time, launch a service that has broad consumer access,” said Ariel Bardin, Google’s VP of Payments.
MasterCard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. The company facilitates the processing of payment transactions, counting authorization, clearing, and settlement, in addition to delivers related products and services.
Finally, News Corp (NASDAQ:NWSA), ended its last trade with 4.13% gain, and closed at $13.35.
News Corp, declared leadership changes at News UK, with the appointment of Rebekah Brooks as Chief Executive Officer, David Dinsmore as Chief Operating Officer, and Tony Gallagher as Editor-in-Chief of The Sun, Britain’s largest selling daily newspaper.
Ms. Brooks will replace Mike Darcey, who is departing as CEO after three years in the post, during which time he stabilized the company and showed leadership in developing digital models for newspaper properties and oversaw the transition to mobile formats.
“Rebekah will lead a great team at News UK into the digital future, while maximizing the influence and reach of our newspapers, which remain the most informative and successful in Britain and beyond. Her expertise, excellence, and leadership will be crucial as we work to extend our relationship with readers and advertisers, and develop our digital platforms to take full advantage of our brilliant journalism,” said Robert Thomson, Chief Executive of News Corp.
News Corporation, a media and information services company, focuses on creating and distributing content to consumers and businesses worldwide. The company distributes content and data products, such as The Wall Street Journal, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, Barrons, MarketWatch, Dow Jones Private Markets, and DJX through various media channels, counting newspapers, newswires, Websites, newsletters, magazines, proprietary databases, conferences, and video, in addition to applications for mobile devices, tablets, and electronic readers.
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