Rewrite Output of Date/Time Field
Drupal 7 allows you to create custom date formats on your configuration page under "regional and language" "date and time." Once in admin/config/regional/date-time click the  "Formats" tab. Then click "add format." You can now define custom dates using the variables available on the PHP date website. The drupal config page includes a link to the PHP date website as well.

I believe the output you are looking for would be: l, F dS, Y - ga (values from the PHP date website)

Once saved go back to the date and time config page and click "Add date type." Type in a name for your new display and select your new format. 

In views you can now select the new custom date format you just created as your output.