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 Mulls Sale Of Newspapers
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.
Comments (1)
Ashley Messina says:
February 23, 2012 at 10:10 pm
Do they really think anybody is going to buy their (mostly) podunk newspapers? I seriously doubt the Richmond Times Dispatch will be among those on the bloc…