Mario Gabelli, Gamco Slightly Increase Holding in Media General

Mario Gabelli and his fund Gamco Investors revealed, in a newly amended filing with the Securities and Exchange Commission, that they now hold an aggregate amount of over 9.0 million shares of Media General, Inc. (NYSE:MEG). The stock amasses 10.23% of the outstanding common stock of the company, and has a value of $149.1 million, at the current share price of the company.

Mario Gabelli with cereal box

Out of the holding, Gamco owns some 5.44 million shares of common stock. The position has been upgraded slightly from around 5.40 million shares disclosed by the fund in its latest 13F. It is also important to mention that Media General’s shares have been reclassified due to its merger with New Young Broadcasting Holding Co. In this way, the class A shares held by Gamco according to the latest 13F, became shares of the common stock.

The merger between two companies was completed about a week ago. Following the merger, shareholders of Media General also approved the reclassification of Class A and B Common stock into a new class of Common Stock, the proportion of reclassification being one-for-one each share of Class A or B. Aside from that, around 60 million shares of the common stock have been issued to holders of Young Broadcasting. Both companies announced about entering into a merger agreement earlier in June.

Also last week, Warren Buffett and Berkshire Hathaway reiterated their holding in Media General, amid the reclassification process. Berkshire reported owning 4.6 million shares, which represent 5.5% of the stock.

Berkshire and Gamco are some of the largest shareholders of Media General. In addition to their positions, Royce & Associates, managed by Chuck Royce, disclosed holding around 580,000 shares of the company in the latest round of 13F filings.

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