Gabelli supports Harbinger's slate of nominees for election to Media General board of directors

By Lisa Kerner

Charlotte, N.C., April 16 - Mario J. Gabelli of Gamco Asset Management Inc. said he supports the slate of directors proposed by Harbinger Capital Partners Master Fund I, Ltd. for election to the board of directors of Media General, Inc.

Gabelli's April 15 letter to Media General president and chief executive officer Marshall N. Morton indicating his support was included in a schedule 13D filing with the Securities and Exchange Commission.

The decision to support Harbinger's slate was made in consideration of Harbinger's ownership position in Media General and the company's need to launch a zero-based budgeting approach, the letter said.

Gabelli also cited Morton's failure to fully explain "the ill-fated and ill-timed NBC acquisition" as a reason for his decision.

In January, as Media General's second-largest shareholder, Harbinger defended the nomination of J. Daniel Sullivan, F. Jack Liebau Jr. and Eugene I. Davis to the company.

According to Harbinger, Sullivan is an experienced television broadcasting insider, Liebau is president of Liebau Asset Management Co. and Davis is chairman and CEO of Pirinate Consulting Group, LLC.

Investors led by Gamco and Gabelli Funds, LLC beneficially own 4,994,347 shares, or 22.39%, of the Richmond, Va., communications company.

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