RICHMOND, Va. (AP) -- Media General Inc., a newspaper publisher and television-station operator, said Wednesday that it completed the sale of two television stations to Dallas-based Hoak Media Corp.Terms of the sale were not disclosed.
The stations, WMBB in Panama City, Fla., and KALB/NALB in Alexandria, La., are the second and third of five stations the company is selling. The proceeds will be used to reduce Media General's debt, said Marshall N. Morton, Media General's president and CEO.
The company expects total proceeds from the five sales between $100 million to $105 million. After taxes, the company estimates the proceeds will help reduce the debt by $60 million to $65 million.
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