Media General sells TV stations in Fla., La.

RICHMOND, Va. — Richmond-based newspaper publisher and television station operator Media General Inc. has completed the sale of two more of the five television stations the company is divesting. Dallas-based Hoak Media Corp. purchased ABC station WMBB in Panama City, Florida, and NBC/CBS stations KALB/NALB in Alexandria, Louisiana. Media General president and chief executive officer Marshall N. Morton says proceeds will be used for debt reduction. The company hopes to realize up to $105 million in proceeds when sales of all five stations are complete. The company hopes proceeds will reduce its debt by between $60 million and $65 million after estimated taxes. Sales of WNEG in Toccoa, Georgia, and WCWJ in Jacksonville, Florida, are under way. Media General completed the sale of WTVQ, in Lexington, Kentucky, to Morris Network... [read full story]