Media General to buy four NBC Stations

Media General to buy four NBC Stations

Newspaper and television company Media General has said that they are going to purchase four NBC-owned and operated television stations. This deal would cost around $600 million and the company aims to strengthen its position in the U.S. Southeast and other large markets through this deal.

The four stations being acquired are WNCN in Raleigh, North Carolina; WCMH in Columbus, Ohio; WVTM in Birmingham, Alabama; and WJAR in Providence, Rhode Island. In addition, Media General has said that they would be selling off four CBS-affiliated stations.

Media General Chief Executive Marshall Morton said in a statement on this deal to acquire stations from NBC: “The NBC properties we are purchasing are strong stations in cities with attractive growth strategy.”

They would be financing this deal using existing capacity under a $1 billion bank facility, $100 million of new public debt, and about $150 million in proceeds from asset sales.