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Media General Announces Sale of WCWJ in Jacksonville, Fla., to Nexstar Broadcasting

Posted on: Wednesday, 28 January 2009, 11:30 CST

RICHMOND, Va., Jan. 28 /PRNewswire-FirstCall/ -- Media General, Inc. (NYSE: MEG) announced today that it has signed a definitive agreement with Nexstar Broadcasting Group, Inc., under which Nexstar will purchase the assets of Media General's CW television station WCWJ in Jacksonville, Fla. The transaction is subject to regulatory approvals and is expected to be completed in the second quarter of 2009. Terms were not disclosed.

Marshall N. Morton, president and chief executive officer of Media General, said, "We are pleased to sign an agreement for the sale of the last of the five stations we planned to divest. When the sale is completed, we will use the proceeds to pay down debt. We very much appreciate the many fine contributions made by the employees of WCWJ, and we thank them and wish them well in the future."

Media General will provide aggregated financial details on the group of five stations sold when the sale of WCWJ closes. The company expects total proceeds of $95 to $100 million for all five stations.

In 2008, Media General sold WTVQ in Lexington, Ky.; WMBB in Panama City, Fla.; KALB/NALB in Alexandria, La., and WNEG in Toccoa, Ga. The results of all five stations have been reflected as discontinued operations in 2008.

Media General acquired WJKS, the predecessor to WCWJ, in 1982. WCWJ has approximately 30 employees.

Forward-Looking Statements

This news release contains forward-looking statements that are subject to various risks and uncertainties and should be understood in the context of the company's publicly available reports filed with the Securities and Exchange Commission. Media General's future performance could differ materially from its current expectations.

About Media General

Media General is a leading provider of local news, information and entertainment over multiple media platforms. The company serves markets primarily in the Southeastern United States. Media General publishes 24 daily newspapers, including The Tampa Tribune, Richmond Times-Dispatch, and Winston-Salem Journal; and community newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina; plus approximately 275 weekly newspapers and other targeted publications. The company owns and operates 19 network-affiliated television stations that reach approximately 30 percent of the television households in the Southeast and nearly 9 percent of those in the United States. The company's interactive media operations include Web sites and portals that are associated with each of its newspapers and television stations as well as with many specialty publications, and two growing interactive advertising services companies, Blockdot, Inc. and DealTaker.com.

SOURCE Media General, Inc.

Source: PR Newswire

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