RICHMOND, Va. -- Media General announced Wednesday that it is exploring the potential sale of its newspaper operations.
Media General, which owns the Bristol Herald Courier, WJHL Channel 11 and a number of other newspapers in Virginia and the Southeast, said it has received inquiries from several third parties regarding the potential purchase of certain of its print assets. The company wishes to ensure that any divestiture it may make maximizes shareholder value, according to a news release.
Media General, based in Richmond, has indicated in recent months that it will consider asset sales at valuations that reflect the strength of its properties as a means of reducing total debt outstanding over time.
The company noted that the valuations of local media properties in recent merger and acquisition transactions, including local newspapers, have reflected the strong market positions of the entities being sold. Media General’s newspaper brands are the leading print products in their core markets, the news release states.
The company said there can be no assurance that any sale will take place. No timetable for the evaluation process was provided.
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