Sugarman Loses Round in Bid for Media General

A federal judge in Richmond, Va., has denied a request by Hollywood television producer Burt Sugarman for an immediate appeal of an April 27 ruling stipulating that Sugarman’s merger proposal require a two-thirds vote of each class of Media General’s common stock, it was disclosed Sunday.

Two Media General executives, Chairman D. Tennant Bryan and Vice Chairman J. Stewart Bryan, oppose the deal and control 70% of the Class B stock.

“The judge’s initial ruling shows Burt Sugarman’s most recent proposal for what it is--pure rhetoric and a promise he cannot deliver,” company President James S. Evans said in a statement.

Judge Richard L. Williams also refused to put off Media General’s annual meeting, which is scheduled to be held Friday in Richmond, Media General said.

Sugarman has offered to buy Media General--whose holdings include newspapers like the Tampa Tribune and Richmond Times-Dispatch & News--for nearly $2 billion. He already has a 10% interest in the company through two Los Angeles firms, Giant Group Ltd. and Barris Industries, that he controls.

Sugarman, who is waging a proxy fight for three seats on Media General’s board, could not be reached for comment. He has offered to pay $70 a share for Media General’s stock, but D. Tennant Bryan and his family have said they would not sell their stake “for any price.”