Business News

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

Thursday 29. January 2009 - Media General, Inc. (NYSE:MEG) announced today that it has signed a definitive agreement with Nexstar Broadcasting Group, Inc., under which Nexstar will purchase the assets of Media General's CW television station WCWJ in Jacksonville, Fla.

The transaction is subject to regulatory approvals and is expected to be completed in the second quarter of 2009. Terms were not disclosed.

Marshall N. Morton, president and chief executive officer of Media General, said, “We are pleased to sign an agreement for the sale of the last of the five stations we planned to divest. When the sale is completed, we will use the proceeds to pay down debt. We very much appreciate the many fine contributions made by the employees of WCWJ, and we thank them and wish them well in the future.”

Media General will provide aggregated financial details on the group of five stations sold when the sale of WCWJ closes. The company expects total proceeds of $95 to $100 million for all five stations.

In 2008, Media General sold WTVQ in Lexington, Ky.; WMBB in Panama City, Fla.; KALB/NALB in Alexandria, La., and WNEG in Toccoa, Ga. The results of all five stations have been reflected as discontinued operations in 2008.

Media General acquired WJKS, the predecessor to WCWJ, in 1982. WCWJ has approximately 30 employees.