NYSE warns Media General to replace member
By Leah McBride Mensching, Friday 6 June 2008 at 23:48 :: Management :: #1751 :: rss
Media General Inc. has received a warning from NYSE Regulation Inc., because its independent audit committee is short one member, following its April board of directors election, the Tampa Bay Business Journal reported Friday.
Companies listed on the New York Stock Exchange must have three independent members on their audit committees. Media General lost a member when three of the company's supported members were not re-elected, and shareholders instead elected three Harbinger Capital Partners candidates.
Officials at The Tampa Tribune's parent company stated in a Securities and Exchange Commission filing that they will fill the empty seat by the end of June, according to the Business Journal.
In May, Media General announced it would cut 810 positions across the company, and add 60 new interactive division positions. The company reported losses of $20.3 million in the first quarter of 2008, and revenue is down from $218.3 million in 2007 to $194.5 million in 2008, the Business Journal reported.
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