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Top Media General Shareholder Gabelli Backs Harbinger Slate

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It looks like everything is breaking in Harbinger’s direction, in its effort to get its slate on the Media General (NYSE: MEG) board. In a letter filed this morning, Mario Gabelli, a 22 percent shareholder, confirmed that he would be backing the full Harbinger slate. Gabelli, who earlier this month hosted a neutral ground debate between the two sides, specifically called out Media General for its acquisition of certain NBC stations, in light of the need to focus on debt reduction, and he trumpeted the need to undergo a zero-based budgeting process (starting from zero to figure out what the cost structure of the company should be, a concept Sam Zell has championed at Tribune). The tides are definitely coming in at the company, as this follows the recommendations from various proxy advisory services, that shareholders generally back the Harbinger slate.