Media General Wraps Sales

Author:
Publish date:

Media General says it will take in an estimated $125 million from deals to sell four of its CBS TV stations.

The company this week announced deals for three of the stations, WIAT Birmingham KIMT Mason City, Iowa, and WDEF Chattanooga, Tenn. New Vision Television has agreed to buy WIAT and KIMT for $35 million.  Morris Multimedia cut a deal to purchase CBS affiliate WDEF for $22 million.

The pacts follows an agreement last week for Media General to sell KWCH Wichita, Kan., and three sister stations to Schurz Communications for $73 million.

Media General said in May it would unload the stations to help acquire four NBC Universal-owned stations. That deal closed in early third quarter.

Sales of the four Media General CBS stations, subject to regulatory approval, are expected to close by the fourth quarter. The purchase prices represents 15 times 2004-2005 average cash flow for the stations.

Media General says it will use the proceeds  to repay debt.

Related