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Harbinger, the activist fund going after Media General (NYSE: MEG), has successfully installed three representatives to the company’s board. The newspaper publisher announced the successful election of all three nominees, pending an official count: Eugene I. Davis, J. Daniel Sullivan and F. Jack Liebau, Jr. Results will be made official in the coming days, at which point the company will have a comment. Release.
The company’s fate was basically sealed when its largest shareholder, Mario Gabelli, signaled his support for the dissident slate. That came after Harbinger won support from various (though not all) proxy advisor services. By that point, it looked like Media General best hope might be to negotiate a settlement, but management stuck to its guns all the way. Despite the heated war of words that’s been waged over the last few months, Media General management said on its recent call that should any of the nominees get on the board, “we