Summary:

Media General (NYSE: MEG) has been knocked by activist investor Harbinger for misguided digital forays, such as its purchase of advergamer B…

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 announced 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 says it bought it for a “mid-single digit multiple” (not sure on what) and that it will be accretive this year. Release.

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By Joseph Weisenthal

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