Media General Completes Sale of CBS Stations

Media General Inc. has sold its CBS television stations WIAT in Birmingham, Ala., and KIMT in Mason City, Iowa to New Vision Television LLC in Atlanta for about $37 million. Media General has also sold its CBS station WDEF in Chattanooga, Tenn., to Morris Multimedia in Savannah, Ga., for about $23 million. Media
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Media General Inc. has sold its CBS television stations WIAT in Birmingham, Ala., and KIMT in Mason City, Iowa to New Vision Television LLC in Atlanta for about $37 million. Media General has also sold its CBS station WDEF in Chattanooga, Tenn., to Morris Multimedia in Savannah, Ga., for about $23 million.

Media General, a multimedia company operating newspapers, television stations and online enterprises in Richmond, Va., said in July it intended to sell some of its CBS stations for debt payment. It first announced the sale of WDEF to Morris Multimedia on Aug. 1. On Sept. 25, Media General announced the completion of the sale of its CBS station in Wichita, Kan., together with its three satellite stations.

Media General President and CEO, Marshall N. Morton, said the company completed all of its planned CBS station divestitures well before its target date of the end of this year, and its net proceeds have "substantially exceeded" original expectations.

Gross proceeds from the divestitures were approximately $135 million, including working capital. Net after-tax proceeds of about $125 million will be used for debt repayment.