Media General Wraps Up Deal For WNCN, 3 Other Stations
Posted June 26, 2006
RALEIGH, N.C. — Media General, which is based in Richmond, VA, has completed its acquisition of Raleigh-based WNCN and three other TV stations. All are NBC affiliates.
Media General purchased the stations from NBC for some $600 million.
The other stations are: WCMH in Columbus, OH; WVTM in Birmingham, AL; and WJAR in Providence, R.I.
"This acquisition is compelling from both an operational and financial perspective," said Marshall N. Morton, president and chief executive officer of Media General, in a statement. "Investors can be highly confident of our ability to execute as planned. We've successfully integrated numerous acquisitions. We achieved or exceeded our projected operating synergies, and we repaid debt as quickly as, or faster than, projected."
Media General now owns nine NBC affiliates.