By: E&P Staff
During its annual meeting, Media General shareholders re-elected nine directors and approved a 1.5 million share buyback of Class A shares to be used towards the company’s long-term incentive plan.
The directors who were elected with renewed terms were: Chairman J. Stewart Bryan III, O. Reid Ashe Jr., Diana F. Cantor, Charles A. Davis, Marshall N. Morton, Thompson L. Rankin, Rodney A. Smolla, Walter E. Williams, and Coleman Wortham III.
Goldman Sachs is leading the company’s share repurchase program. Media General will borrow $57 million under its credit agreements to fund the buy back.
Additionally, the board approved a quarterly dividend of 23 cents per share. The dividend is payable on June 15, 2007, to Class A and Class B shareholders of record on May 31, 2007.