Media General Closes Sale of Assets

The company sells CBS stations in Alabama and Iowa.
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Newspaper publisher and broadcaster

Media General


said Thursday that it completed the sale of CBS television stations WIAT in Birmingham, Ala., and KIMT in Mason City, Iowa.

Media General sold the assets for about $37 million, including working capital, to New Vision Television.

The Richmond, Va.-based company expects to close on the sale of WDEF in Chattanooga, Tenn., later this month.

On Sept. 25, the company sold its CBS station in Wichita, Kan., together with its three satellite stations.

Net proceeds from all sales are expected to be about $125 million and will be used for debt repayment, Media General said.

The company's shares were trading up 41 cents, or 1.2%, at $34.91 Thursday.

This story was created through a joint venture between and IRIS.