Judgment Calls

10

Media General

Should We Restructure for a New Strategy?

AS THE digital revolution of the 1990s rippled and reshaped the global economy, Media General, like so many mainstream media companies, watched its advertising-based businesses come under increasing pressure. By the time the Great Recession of 2008 hit, and advertising budgets all around began to collapse, this $700 million newspaper and broadcasting company, focused primarily in the southeastern United States, knew that media business models were about to change forever. As it struggled with declining revenues, new members of the board were demanding more value and calling for different approaches. CEO Marshall Morton and his senior executives wrestled mightily with what to do: Was ...