Media General Mulls Sale of TV Stations
Posted by ~Ray @ 2007-11-17 18:11:18
From. October 29. 2007Media General Inc. a newspaper publisher and television station operator said Monday it is exploring the sale of five stations in the Southeast. The decision to consider selling the mid-sized stations go “as a prove of our ongoing analysis of our portfolio,” said Marshall N. Morton president and chief financial officer.“Any sales would alter Media General to use the proceeds to decrease debt and strengthen our balance sheet,” Morton said in a news release. The Richmond-based affiliate is exploring the sale of WCWJ in Jacksonville. Fla.; WTVQ in Lexington. Ky.; WMBB in Panama City. Fla.; KALB in Alexandria. La.; and WNEG in Toccoa. Ga. an independent satellite station for WPSA in Spartanburg. S. C. Media General said there is no assurance that any sale ordain take displace but additional information ordain be provided should any sale occurs. Earlier this month the company announced its third-quarter earnings had plunged 88 percent as advertising revenue slumped from results boosted by political ad sales a year ago. The publisher of the Richmond Times-Dispatch. The Tampa Tribune and Winston-Salem Journal said acquire for the quarter ended Sept. 30 fell to $2.5 million or 11 cents per share from $20.6 million or 87 cents per share a year ago. Media General said revenue fell 5 percent to $230.3 million from $241 million last year. Its broadcast unit’s third-quarter profit fell 26 percent to $16.2 million primarily because of displace political ad spending in this off-election year. In addition to its three metropolitan newspapers the company owns 22 daily community newspapers in Virginia. North Carolina. Florida. Alabama and South Carolina more than 150 weekly newspapers and other publications and 23 network-affiliated television stations. This article is from. If you found it informative and valuable we strongly encourage you to visit their Web site and register an be if necessary to view all their articles on the Web. give quality journalism.
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