Media General Rebuts Harbinger: Dealtaker To Be Accretive; Blockdot $8 MIllion 07 Revs
This story was written by Joseph Weisenthal.
Media General (NYSE: MEG) has been knocked by activist investor Harbinger for misguided digital forays, such as its purchase of advergamer Blockdot and social shopper DealTaker. In an announcement marking the close of its DealTaker acquisition, which was first announce in February, the company offers a sly rebuttal to Harbinger. Blockdot, it says, did revenue of $8 million in 2007, up three-fold from 2006, while turning a profit of $2.6 million. That acquisition cost $5 million in mid-2005. As for DealTaker, the company hasn't stated the price or the revenue, though it is promising the deal will be accretive to earnings this year. Release.
By Joseph Weisenthal