Media General Sells Two More Stations
Hoak Media to Buy WMBB Panama City, Fla.; KALB/NALB Alexandria, La.
By Michael Malone -- Broadcasting & Cable, 3/14/2008 2:20:00 PM
One week after finding a buyer for WTVQ Lexington, Ky., Media General is selling WMBB Panama City, Fla., and KALB/NALB Alexandria, La., to Hoak Media.
The transaction is subject to regulatory approval and is expected to close during the second or third quarter.
Terms of the deal were not disclosed. WMBB is an ABC station and KALB/NALN is a dual NBC/CBS outlet.
Last October, Media General announced that it was looking to sell five stations in midsized markets in the Southeast. WCWJ Jacksonville, Fla., and WNEG Toccoa, Ga., are the remaining assets among the five.
Media General president and CEO Marshall N. Morton said those two stations should sell soon. “We are pleased to move forward on the second sales agreement of our strategic plan to divest five stations and expect to sign agreements for the remaining stations in the coming weeks,” he added. “These sales meet our value expectations and we will use the proceeds to reduce debt.”
Hoak Media president and CEO Eric D. 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.”
Dallas-based Hoak has been around since 2003.
