Media General Inc. (MEG) said that it has completed the sale of ABC television station WTVQ in Lexington, Ky to Morris Network Inc. Terms were not disclosed.
Media General has also agreed to sell WMBB, an ABC station in Panama City, Fla., and KALB/NALB, a NBC/CBS station in Alexandria, La., to Hoak Media Corporation.
Additionally, the sales of two other stations, WCWJ, a CW affiliate in Jacksonville, Fla., and WNEG in Toccoa, Ga., are progressing.
When the sales of all five stations are completed, Media General expects to realize total proceeds of $100 million to $105 million, which will be used to reduce debt by $60 million to $65 million after considering estimated taxes to be paid.
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