Media General is exploring the potential sale of five midsized stations in the southeastern United States: WCWJ Jacksonville, Fla.; WTVQ Lexington, Ky.; WMBB Panama City, Fla.; KALB/NALB Alexandria, La.; and WNEG Toccoa, Ga. They’re a mix of The CW, ABC, NBC, CBS and an independent.
Richmond, Va.-based Media General owns 23 stations.
“The decision to explore the potential sale of five stations is a result of our ongoing analysis of our portfolio,” president and CEO Marshall N. Morton said in a statement. “Any sales would enable Media General to use the proceeds to reduce debt and strengthen our balance sheet.”
Morton called the stations “good performers in strong markets.”
Media General reported a 3.5% drop in broadcast revenue for the third quarter a few weeks ago, along with a 26% decline in broadcast profit.
Broadcasting & Cable Newsletter
The smarter way to stay on top of broadcasting and cable industry. Sign up below
Michael Malone, senior content producer at B+C/Multichannel News, covers network programming, including entertainment, news and sports on broadcast, cable and streaming; and local broadcast television. He hosts the podcasts Busted Pilot, about what’s new in television, and Series Business, a chat with the creator of a new program, and writes the column “The Watchman.” He joined B+C in 2005. His journalism has also appeared in The New York Times, The Philadelphia Inquirer, Playboy and New York magazine.