Media General, Tampa Tribune’s Owner, Considers Selling Its Paper Problems Away
RICHMOND, Va. (AP) — Newspaper publisher and TV station owner Media General says it is exploring the sale of its newspaper operations, which produce nearly half its revenue.
The company said Wednesday that it has received inquiries from several parties interested in purchasing some of its print assets.
Media General publishes the Richmond Times-Dispatch, The Tampa Tribune and more than 20 other newspapers. The company also owns 18 TV stations and three digital media advertising services.
Last year, Media General’s revenue from printed newspapers came to about $300 million, a little less than half of the company’s $616 million in total revenue.
In recent years, print advertising revenue has been shrinking in the newspaper industry, as advertisers migrate to the Internet.
The company had previously stated that it would consider asset sales to reduce its $658 million in long-term debt.
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