Media General Shops Five Stations
By Michael Malone -- Broadcasting & Cable, 10/30/2007 11:13:00 AM
Media General is exploring the potential sale of five midsized stations in the southeastern United States: WCWJ Jacksonville, Fla.; WTVQ Lexington, Ky.; WMBB Panama City, Fla.; KALB/NALB Alexandria, La.; and WNEG Toccoa, Ga. They’re a mix of The CW, ABC, NBC, CBS and an independent.
Richmond, Va.-based Media General owns 23 stations.
“The decision to explore the potential sale of five stations is a result of our ongoing analysis of our portfolio,” president and CEO Marshall N. Morton said in a statement. “Any sales would enable Media General to use the proceeds to reduce debt and strengthen our balance sheet.”
Morton called the stations “good performers in strong markets.”
Media General reported a 3.5% drop in broadcast revenue for the third quarter a few weeks ago, along with a 26% decline in broadcast profit.
