Media General completes sale of Ky. ABC affiliate

From NBC12 News

Media General says it has completed the sale of its ABC television station WTVQ in Lexington, Ky., to Morris Multimedia.

The Richmond company says the sale will help reduce debt and strengthen its balance sheet. The terms were not disclosed.

WTVQ is one of five stations in the Southeast that Media General previously had announced it would sell. The company already has announced agreements to sell two other stations and the company says sales of another two are progressing.

Media General says when all the sales are complete, it expects proceeds of $100 million to $105 million, which will be used to reduce debt by $60 million to $65 million after taxes.

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