University of Georgia Buys Media General Station

06.27.2008

The University of Georgia Research Foundation has agreed to buy CBS affiliate WNEG in Toccoa, Ga., joining a handful of public universities around the country that own commercial licenses.

“This provides a winning combination of strengthening local markets by emphasizing local interests, while offering a real-world opportunity for faculty and students to work in research, development and teaching in media,” said UGA President Michael F. Adams. “The revenue produced by this commercial venture will strengthen the operation of the television station while enhancing the research and outreach mission of the university.”

The station is the fourth of five Media General has sought to sell. Details of the deal were not disclosed, but the company said it expects the total take from the stations to be about $100 million, of which more than $60 million will be used to reduce debt.

The company said the sale of the fifth station, WCWJ in Jacksonville, Fla., is progressing.

Media General sold WTVQ in Lexington, Ky., to Morris Network Inc. on May 13 and has agreed to sell WMBB, an ABC station in Panama City, Fla., and KALB/NALB, a NBC/CBS station in Alexandria, La., to Hoak Media Corp.