Media General divests of two more stations
July 18, 2008
Hoak Media in Dallas has completed the purchase of Media General's WMBB, the ABC affiliate in Panama City, FL, and its dual NBC/CBS station KALB/NALB in Alexandria, LA, Media General said July 16. Terms of the deal were not disclosed.
Media General is divesting of five stations, said company president and CEO Marshall Morton. The two stations purchased by Hoak Media are the second and third to be sold.
On June 25, Media General announced an agreement to sell WNEG in Toccoa, GA, to the University of Georgia Foundation. That transaction is expected to close before the end of the year. Media General completed the sale of WTVQ in Lexington, KY, to Morris Network on May 13. According to the company, the sale of WCWJ in Jacksonville, FL, is progressing.
When the sales of all five stations are completed, Media General expects to realize proceeds of $100 million to $105 million, which will be used to reduce debt by $60 million to $65 million after considering estimated taxes to be paid.
WMBB employs about 70 people, and KALB employs about 55 people; NALB has 4 employees.
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