Media General Inc., the parent company for Tampa's WFLA, Channel 8, declared that it would be buying local WTTA, Channel 38, from Sinclair Broadcast Group as part of a bigger contract for to meeting the required divestitures as it merges with LIN Media LLC.
For stations, the firm would engage in deals with multiple buyers in five markets that regulators will need it to divest, comprising Birmingham, Alabama; Providence, Rhode Island/New Bedford, Massachusetts; Mobile, Alabama/Pensacola; Green Bay/Appleton, Wisconsin; and Savannah, Georgia; the companies announced in a news release.
George L. Mahoney, president and chief executive officer of Media General, said in a statement, We're pleased to announce this divestiture plan, which we believe should clear the way for our business combination with LIN Media to move forward in the regulatory approval process, Additionally, the purchase of the MyNetworkTV (WTTA) station in Tampa provides us with the opportunity to increase share in Media General's second largest market.
LIN Media Chief Executive Officer Vincent L. Sadusky called the divestiture plan an important milestone that positions us well with regulatory authorities. We are pleased with the consideration we will receive for these terrific stations and plan to use the net proceeds to reduce debt. The addition of stations in Tampa and Colorado Springs will further diversify and strengthen the combined company's portfolio as well as provide opportunities to expand our digital business.