Media General Sells Small CBS Affiliate
University of Georgia Research Foundation to purchase WNEG Toccoa, Ga.
By Robert Marich -- Broadcasting & Cable, 6/25/2008 12:29:00 PM
The University of Georgia Research Foundation agreed Wednesday to purchase CBS affiliate WNEG Toccoa, Ga., from Media General for an undisclosed price.
A $1.5 million price tag has been reported.
The parties signed a definitive purchase agreement and the transaction is scheduled to close in the fourth quarter, assuming regulatory clearance.
The station, which has 30 employees, is in the Greenville-Spartanburg, S.C.-Asheville, N.C. market.
Media General has now sold four of five stations designated for divestiture. “The sale of the fifth station, WCWJ in Jacksonville [Fla.], is progressing,” Media General president and CEO Marshall N. Morton said in a statement.
The five sales are expected to raise $100 million-$105 million, which, after taxes, will reduce Media General’s debt by $60 million-$65 million.
Based in Richmond, Va., Media General sold WTVQ in Lexington, Ky., to Morris Network May 13 and agreed to sell WMBB, an ABC station in Panama City, Fla., and KALB/NALB, a NBC/CBS station in Alexandria, La., to Hoak Media.
The buyer will be one of a handful of educational entities with licenses for commercial broadcasting properties.
“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,” University of Georgia president Michael F. Adams said in a statement. “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.”
Hoak Closes Purchase of WMBB, KALB/NALB
07/16/2008Media General Sells Two More Stations
03/14/2008Media General Selling WTVQ to Morris Network
03/07/2008Media General to Cut Staff 11%
05/22/2008
