FOR IMMEDIATE RELEASE
May 20, 2014
JIM WOODWARD RECEIVES MFM "DISTINGUISHED CFO AWARD"
Richmond, VA – Media General, Inc. (NYSE: MEG), a local broadcast television and digital media company, announced that James F. Woodward, Senior Vice President-Finance and Chief Financial Officer, today received the "Distinguished CFO Award" at the annual conference of the Media Financial Management Association (MFM) in Miami, Florida.
Mr. Woodward, who became Media General's chief financial officer in 2011, has been responsible for leading the company's significant financing and M&A initiatives of the past three years. Key transactions have included the company's March 2012 Amended Credit Agreement, the May 2012 Agreements with Berkshire Hathaway for the sale of newspapers and new financing, the company's merger with Young Broadcasting on November 12, 2013, and the company's pending merger with LIN Media, which was announced March 21, 2014 and is expected to be completed in early 2015.
Mary Collins, president and CEO of MFM, said, "Jim Woodward's involvement in leading dramatic and transformative changes at Media General truly distinguishes him among his CFO peers in the industry. By honoring his accomplishments at our annual conference, we hope to inspire the industry's future CFOs to adopt his exemplary approach in leading the organizational changes that can improve their own companies' market position and financial performance."
George L. Mahoney, president and chief executive officer of Media General, said, "Jim's leadership has been invaluable in the rapid transformation of Media General into a pure-play local television broadcasting and digital media company, with a strong balance sheet and significant future growth potential. From the sale of our newspapers, to our completed merger with Young Broadcasting and pending merger with LIN Media, and the various associated financings, Jim has been an innovative and tireless contributor to our many successful outcomes. I'm delighted to see Jim receive this well-deserved recognition from such a prestigious industry organization," said Mr. Mahoney.
In accepting the award, Mr. Woodward said, "In media finance, our role has changed due to the dynamic business environment in which our companies operate. The competitive nature of the business, ever-changing technology and customer viewing habits, and the pace of consolidation all create exciting opportunities for finance professionals to have a key role in influencing the future direction of our companies. We're in a good position to drive outcomes that affect long-term business performance and grow shareholder value," he said.
Mr. Woodward was promoted to Senior Vice President of Media General in November 2013. He had been Vice President-Finance and Chief Financial Officer since 2011. Prior to being elected CFO, he was Group Vice President-Growth and Performance from 2009 to 2011. In that role, Mr. Woodward was responsible for a number of operations, including Digital Media, the corporate functions leading the company's sales and news operations, broadcast technology, and centralized services for broadcast master control and graphics.
Mr. Woodward was appointed Director of Corporate Human Resources in 1999, he was elected a corporate Vice President in 2005, and he served as Vice President-Corporate Human Resources until 2009. During his early years in Human Resources, he led a major restructuring of the company's former Administrative Affairs department. He joined Media General in 1983 as a staff accountant. He later transitioned into the company's Internal Audit department, where he advanced from Staff Auditor to Audit Manager. In 1992, he joined the company's former newspaper, the Richmond Times-Dispatch, as Assistant Controller. While serving in this position, he was promoted in 1996 to the position of Manager of Human Resources Systems, where he was responsible for leading a company-wide implementation of the PeopleSoft Human Resource Management Systems (HRMS). From that role, he was promoted to lead the company's human resources function.
Mr. Woodward graduated from James Madison University with a Bachelor of Business Administration degree in accounting. He is a member of Leadership Metro Richmond, a former member of the J. Sargeant Reynolds Community College Foundation Board of Directors and he is president of the St. Thomas Church Endowment Fund.
About Media General
Media General, Inc. is a leading local television broadcasting and digital media company, providing top-rated news, information and entertainment in strong markets across the U.S. The company owns or operates 31 network-affiliated broadcast television stations and their associated digital media and mobile platforms, in 28 markets. These stations reach 16.5 million, or 14%, of U.S. TV households. Sixteen of the 31 stations are located in the top 75 designated market areas. Media General first entered the local television business in 1955 when it launched WFLA in Tampa, Florida as an NBC affiliate. The company subsequently expanded its station portfolio through acquisition. In November of 2013, Media General and Young Broadcasting merged, combining Media General's 18 stations and Young's 13 stations.
Media Financial Management Association (MFM) is the premiere resource for financial professionals for media industry education, networking, and information sharing throughout the U.S. and Canada. More information about MFM is available on its website www.mediafinance.org. Its BCCA subsidiary serves as the media industry's credit association. BCCA's revenue management services include credit reports on national and local media advertisers and EMCAPP - the Electronic Media Credit Application. More information about BCCA and EMCAPP is available at www.bccacredit.com and www.emcapp.com.
Lou Anne J. Nabhan
Vice President, Corporate Communications