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MEDIA GENERAL SELLS WTVQ TO MORRIS NETWORK

The ABC affiliate in Lexington, Ky., will become the sixth station in Macon, Ga.-based Morris Network’s television station portfolio.
By
TVNewsCheck,

Media General Inc. and Morris Network Inc. announced Friday that they have signed a definitive agreement under which Morris Network will purchase Media General’s ABC television affiliate WTVQ Lexington, Ky. Terms were not disclosed.

The transaction is subject to FCC approval and is expected to be completed in the second or third quarter of this year. 

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On Oct. 29, 2007, Media General announced that it was exploring the sale of five television stations in mid-sized markets in the Southeastern U.S. The other stations are WCWJ, a CW affiliate in Jacksonville, Fla.; WMBB, an ABC station in Panama City, Fla.; KALB/NALB, a NBC/CBS station in Alexandria, La., and WNEG, an independent station in Toccoa, Ga.

All five stations will be presented as discontinued operations for all periods presented in Media General’s first-quarter results, including the addition of WTVQ and WCWJ to the station group presented as discontinued in the fourth quarter of 2007. Once all of the divestitures are completed, Media General will provide aggregated financial details on the group of stations sold.

Marshall N. Morton, president and chief executive officer of Media General, said, “We are pleased that the execution of our divestitures is proceeding as planned and in line with our value expectations. We will use the proceeds to reduce debt. Negotiations are nearing completion with other parties for the remaining four stations. We expect to announce definitive agreements for these sales in the coming weeks.”

Charles H. Morris, chairman-CEO of Morris Multimedia, described the purchase as another key component of the company’s long-term growth strategy. “The acquisition represents another important strategic fit for our broadcast group led by Dean Hinson, its president. Lexington will be our largest broadcast market and features strengths that we consider crucial to long-term success. Consistent with our recent station acquisitions, WTVQ is a superior television station with a strong local presence, talented employees and a quality news product.”

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