Media General Mulls Sale of TV Stations

MEDIA GENERAL MULLS SALE OF TV STATIONS
[SOURCE: Associated Press]
Media General Inc., a newspaper publisher and television station operator, said Monday it is exploring the sale of five stations in the Southeast. The decision to consider selling the mid-sized stations come "as a result of our ongoing analysis of our portfolio," said Marshall N. Morton, president and chief financial officer. "Any sales would enable Media General to use the proceeds to reduce debt and strengthen our balance sheet," Morton said. The Richmond-based company is exploring the sale of WCWJ in Jacksonville, Fla.; WTVQ in Lexington, Ky.; WMBB in Panama City, Fla.; KALB in Alexandria, La.; and WNEG in Toccoa, Ga., an independent, satellite station for WPSA in Spartanburg, S.C. Media General said there is no assurance that any sale will take place. The company owns the Richmond Times-Dispatch, The Tampa Tribune, Winston-Salem Journal, 22 daily community newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina, more than 150 weekly newspapers and other publications and 23 network-affiliated television stations.
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