Jeff Smith Pushes for Media General’s Sale to Nexstar Broadcasting and Other Investors Will Most Likely Support Him

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With this in mind, let’s take a look at the hedge fund sentiment towards Media General Inc (NYSE:MEG). At the end of June, 24 funds reported ownership of $570.30 million worth of Media General’s stock, representing 26.50% of the company. By comparison, a quarter earlier, 35 funds held $739.14 million worth of the company’s shares, which, amid a flat return of the stock, indicates an outflow of capital between April and June. Morever, the largest stake is held by Mario Gabelli’s GAMCO Investors, which often bets on companies that have a high chance of being acquired, and which disclosed holding 6.44 million shares as of the end of June. Billionaire Warren Buffett’s Berkshire Hathaway also owns some 4.65 million shares of Media General.

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On the other hand, Meredith Corporation (NYSE:MDP) did not see any significant changes in the hedge fund sentiment during the second quarter, which might indicate that smart money investors were not betting on any developments that could lead to a large growth of the stock in the medium term. In this way, 15 funds held $353.73 million worth of Meredith stock, equal to around 15% of the company.

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