Family-owned and operated media companies are quickly becoming a thing of the past here in the commonwealth.
A Richmond Times-Dispatch article today discusses some of the perils of two of Virginia’s largest family -owned media companies.
Richmond-based Media General, the parent company of the Times-Dispatch and Stafford County Sun, currently has an activist investor firm looking to replace three members of its board of directors with it’s own handpicked people . Due to a major devalue in the company’s stock, the firm is looking to revamp some of the companies underperforming markets.
Norfolk-based Landmark Communications announced in January that it planned to sell it’s properties, which include The Weather Channel, Virginian Pilot and The Roanoke Times.
Both media companies are struggling with lower advertising revenue, mostly attributed to the slowed economy nationwide.
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