media

WJAR parent sells last newspaper

MEDIA GENERAL – parent company of WJAR-TV NBC 10 – closed the $9.5 million sale of its last newspaper – The Tampa Tribune – on Monday.
Posted 10/9/12

RICHMOND, Va. – Media General Inc., parent company of WJAR-TV NBC 10, sold its last remaining newspaper – The Tampa Tribune – to Tampa Media Group Inc.

The $9.5 million sale of The Tampa Tribune and its associated print and digital products closed Monday.

β€œIt’s a bittersweet day for Media General to complete the sale of its last remaining newspaper group,” Marshall N. Morton, president and CEO of Media General, said in a statement. β€œThe Tampa Tribune was our largest and second-oldest newspaper.”

Media General sold all of its newspapers, besides the Tampa group, to Berkshire Hathaway Inc. in May for $142 million. The newspapers included 63 daily and weekly titles in Virginia, North Carolina, South Carolina and Alabama – including the corresponding websites, mobile and tablet applications.

β€œWith this transaction, we complete the transformation of Media General’s business model to one focused on broadcast television and digital media” said Morton. β€œWe believe our future prospects are strong, based on operating 18 top-ranked local television stations in growing and important markets, mostly in the Southeast.”

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