MEDIA GENERAL COMPLETES TWO STATION SALES

Media General  and New Vision Television announced today the completion of New Vision’s purchase of Media General’s WIAT Birmingham, Ala. (DMA 40), and KIMT Mason City, Iowa (DMA 153). The final sales price for the CBS affiliates was approximately $37 million, including working capital.

“We are delighted to exceed our target closing date for WIAT and KIMT. We thank our former employees for their dedicated service and wish them well with New Vision, ” said Marshall N. Morton, president and CEO of Media General.

A definitive agreement with New Vision was announced on Aug. 1. Media General expects to close on the sale of WDEF Chattanooga, Tenn., later this month. On Sept. 25, Media General announced the completion of the sale of its CBS affiliate in Wichita, Kan., together with its three satellite stations. Earlier, Media General purchased four stations from NBC.

Net proceeds after-tax from all sales are expected to be approximately $125 million and will be used for debt repayment.