Media General announced that the Audit Committee of its Board of Directors has engaged Deloitte & Touche LLP to serve as the company’s new independent registered public accounting firm for the current fiscal year ending December 26, 2010.
The Audit Committee said it considered the qualifications of a number of auditing firms and decided that a switch to Deloitte & Touche would be in the company’s interest. “This decision was not the result of any disagreement between the company and Ernst & Young on matters of accounting principles or practices, financial statement disclosure or auditing scope or procedures, or any other reason,” the statement from Media General said.
“Media General has worked with Ernst & Young for many years, and we deeply appreciate their hard work on our behalf and their professionalism” said Media General CFO John Schauss, who then noted the extensive media client experience of Deloitte & Touche. “The Audit Committee and the company are pleased to welcome Deloitte & Touche. Based on careful due diligence, we believe that they will provide our shareholders and the company an excellent combination of best-in-class auditing expertise, industry knowledge and outstanding customer service. We look forward to working with them for many years to come,” he said.
Media General’s Class B shareholders, who hold voting control of the company, will vote to ratify the selection of Deloitte & Touche at a special meeting that is expected to occur in Q2.