Media General spin cycle comes close to target


The sale of five television stations by Media General was geared toward a payday of between $100M-$105M. Given the market for stations this past year, they must be fairly satisfied with the results, even though they didn’t quite hit the center of the target. The $18M sale of WCWJ-TV Jacksonville to Nexstar added to $60M Hoak paid for KALB-TV Alexandria LA and WMBB-TV Panama City FL; Morris’s $16.5M acquisition of WTVQ-TV in Lexington KY, and the sale of WNEG-TV Toccoa GA to Georgia Research Foundation for $1.4375M. The grand total almost got to $100M, standing at $95.7375M.