Hoak Closes Purchase of WMBB, KALB/NALB
Hoak Media closes acquisition of former Media General stations in Panama City, Fla.; Alexandria, La.
By Michael Malone -- Broadcasting & Cable, 7/16/2008 4:59:00 AM MT
Hoak Media closed on its acquisition of former Media General stations WMBB Panama City, Fla., and KALB/NALB Alexandria, La.
WMBB is an ABC affiliate and KALB/NALB is a joint NBC/CBS outfit.
Terms of the deal were not disclosed.
“We are pleased to complete the sale of the second and third of five stations we are divesting,” Media General president and CEO Marshall Morton said. “We will use the proceeds immediately for debt reduction.”
On June 25, Media General agreed to sell WNEG Toccoa, Ga., to the University of Georgia Foundation. Media General said the sale of WCWJ Jacksonville, Fla., “is progressing.” It completed the sale of WTVQ Lexington, Ky., to Morris Network May 13.
Media General expects to get around $100 million from the five stations.
Dallas-based Hoak Media was formed by Jim Hoak and Eric Van den Branden in 2003.
When the deal with Media General was announced in March, president and CEO Van den Branden said, "This acquisition is consistent with our strategy of acquiring stations with quality local-news programming, solid management teams and the highest commitment to serving their local communities.”
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