Media General Shops Stations
Richmond-based Media General is shopping five of its 23 stations. The stations on the block are WCWJ Jacksonville, WTVQ Lexington (KY), WMBB Panama City (FL), KALB Alexandria (LA) and WNEG Toccoa (GA). President/CEO Marshall Morton called it "a result of our ongoing analysis of our portfolio" and said he would use the cash to reduce debt.
Morton reported a 26% drop in broadcast revenue for the third quarter earlier this month.