Spinning off newspapers would help company reduce debt, the company said, noting that it has hired investment banker Peter J. Solomon Co. to advise it.
Media General said Wednesday that it is exploring the sale of its newspapers, noting that it has already fielded inquiries from potential buyers.
To help with the process, the company said, it hired Peter J. Solomon Co., an investment banking firm.
Media General said that the valuations of local media properties in recent transactions “have reflected the strong market positions of the entities being sold.”
The company cautioned that a sale is not definite and said there is no timetable for action.
In recent months, Media General has said it would consider selling some assets to pay down debt.