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Warren Buffett, Berkshire Hathaway Reiterate Position in Media General Following Reclassification of Shares

Warren Buffett and Berkshire Hathaway, in a newly amended filing, reiterated their position in Media General, Inc. (NYSE:MEG), which amasses around 4.6 million shares, equal to 5.5% of Voting Common Stock. At the same time, Berkshire reported that its holding of class A shares has been reclassified and divided into 4,235,978 shares of a newly created class of Voting Common Stock and 410,242 shares of Non-Voting Common Stock.

hedge funds vs. mutual funds

Earlier this year, Media General entered into a merger agreement with New Young Broadcasting Holding Co., Inc., which led to the reclassification of Media General’s shares. Berkshire also stated that it might consider buying more shares of Voting Common Stock, and Non-voting Common Stock, “depending upon the performance of the Voting Common Stock in the market, market and general economic conditions, evaluation of alternative investments, price, availability of funds, and other factors, or may determine from time to time to sell some or all of its or their securities of MEG, based upon the same set of factors.”

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