Beverly Hills producer Burt Sugarman has lost...

Beverly Hills producer Burt Sugarman has lost his proxy battle for three seats on the board of Media General, a preliminary report of independent vote counters showed. The company said the management incumbents received 13.5 million votes to slightly under 10.3 million for Sugarman’s slate. After the report, Sugarman conceded defeat and expressed hope that the company’s management and board would respect the opinion of the large number of stockholders who voted for him by taking action to maximize shareholder value, “whether it be through our $70-per-share cash merger offer or another type of transaction.”