Business News

Media General Completes Sale of WCWJ in Jacksonville, Fla., to Nexstar Broadcasting

Monday 04. May 2009 - Media General, Inc. (NYSE: MEG) announced today that it has completed the sale of its CW television station WCWJ in Jacksonville, Fla., to Nexstar Broadcasting Group, Inc., Dallas.

This station is the last to be sold in a group of five stations. The company completed the sales of the first four stations in 2008. They were located in Panama City, Fla., Alexandria, La., Lexington, Ky., and Toccoa, Ga. Gross proceeds from the sales of all five stations were approximately $95 million, including working capital. The transactions in the aggregate represent a multiple of 10 times trailing two-year average broadcast cash flow for the stations. Proceeds from the prior sales were used to pay down debt as each transaction closed.

Marshall N. Morton, president and chief executive officer of Media General, said, “We were pleased to complete the sale of WCWJ. For years this station was one of the highest-rated WB affiliates in the country, and its strength has continued under the CW brand. We appreciate the many fine contributions made by the employees of WCWJ, and we wish them well in the future.”

Media General acquired WJKS, the predecessor to WCWJ, in 1982. WCWJ has approximately 25 employees.

Banc of America Securities LLC served as a financial advisor on all five transactions.