we would have to say this is pretty good news -- although, we would strongly encourage the successful purchaser to bring in all new management. thats if they ever want to be taken seriously.
UPDATE 1-Media General says TV station sale in second round
Tue Dec 4, 2007 4:48pm ET144
Adds earnings forecast, details about SP Newsprint)
NEW YORK, Dec 4 (Reuters) - U.S. newspaper and broadcast company Media General Inc (MEG.N: Quote, Profile , Research) said on Tuesday it was in the second round of bids for the five television stations it put up for sale in October.
The stations are in the southeastern United States at Jacksonville, Florida; Lexington, Kentucky; Panama City, Florida; Alexandria, Louisiana; and Toccoa, Georgia.
Media General had received good first round bids and has gone into the second round of bidding, one of the company's executives said at a UBS media conference, which was broadcast over the Internet.
The company also reiterated that its SP Newsprint division was up for sale. SP Newsprint, owned by itself, Cox Enterprises, Inc. and The McClatchy Company, said in May it hired TD Securities to explore strategic alternatives including the sale of itself and its recycling subsidiary.
SP is the second-largest producer of 100 percent recycled newsprint and the fifth-largest newsprint producer in North America, with 2006 consolidated sales of $638 million, the company said in the May release.
Media General also gave an update on its outlook for the coming year. It said it expects a much stronger year in 2008, with its broadcast division set to benefit from revenues tied to political elections and the Olympics.
The company's shares fell 5.6 percent to $22.02. (Reporting by Megan Davies, editing by Gerald E. McCormick)
