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Media General Sells Two Stations to Hoak - TvTechnology

Media General Sells Two Stations to Hoak

WMBB-TV and KALB-TV sold to reduce debt
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Media General has agreed to sell two of its TV stations to Hoak Media Corp. for an undisclosed sum. WMBB-TV, the ABC affiliate in Panama City, Fla, and KALB/NALB-TV the NBC and CBS affiliates in Alexandria, La. were divested in Media General’s ongoing effort to reduce it’s debt--nearly $898 million at the end of last year.

Earlier this month, Richmond, Va.-based Media General cut a deal to sell WTVQ-TV, its Lexington, Ky. ABC affiliate to Morris Network in Macon, Ga. Five more stations are on the block. The financially beleaguered company owns 23 TV stations and 172 newspapers. It’s currently entangled in a public spat over board nominees.

Hoak Media, founded by cable entrepreneur Jim Hoak, is based in Dallas and has 21 stations in markets No. 75 to 200.