Billionaire investor Warren Buffett has disclosed a 16.9% stake in the total outstanding Class A common shares (represented by the held warrants) of Media General, Inc. (NYSE:MEG). Berkshire currently intends to exercise its right to have an interim director designated by Berkshire appointed to the board of directors of MEG, or in the alternative to have a nominee of Berkshire included as a nominee for the MEG board of directors in the next annual proxy statement of MEG. Media General is a leading provider of news, information and entertainment across multiple media platforms, serving consumers and advertisers in strong local markets, primarily in the Southeastern United States. Following the sale of newspapers to Berkshire Hathaway, the company’s operations will include 18 network-affiliated television stations and their associated websites. Media General owns eight NBC affiliates, eight CBS, one ABC and one CW. Six of its stations operate in the Top 40 markets in the United States, including WFLA-TV in Tampa, Florida, the country’s 14th largest DMA. Media General’s stations reach more than one-third of TV households in the Southeast and more than 8 percent of U.S. TV households. Media General expects to enter into a transaction with one of several prospective buyers for its Tampa, Florida print properties.

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