RICHMOND, Va., Aug. 6, 2012 /PRNewswire/ -- Media General, Inc. (NYSE: MEG) announced today that its tender offer to purchase up to $45.2 million of its 11¾% Senior Secured Notes due 2017 expired on July 30, 2012 at 5 p.m. ET. Media General accepted for purchase $200,000 of notes that were validly tendered and the purchased notes were canceled. Holders of the validly tendered notes received the announced purchase price of 100% of the principal amount plus accrued and unpaid interest to the date of payment. All notes not tendered remain outstanding, leaving a principal amount due of $299.8 million.
Media General used the amount that the Senior Secured Note Holders elected not to take to repay, at par, a portion of its term loan with BH Finance LLC (an affiliate of Berkshire Hathaway). The principal amount outstanding on that term loan is now $301 million. Using the proceeds from its sale of newspapers on June 25, 2012, Media General has reduced the face value of its total long-term debt to $601 million, compared with $700 million at the end of the second quarter of 2012. (See Media General's Form 10-Q for the second quarter of 2012, filed with the SEC on August 3, 2012, Note 5, for details about the company's current financing arrangements.)
About Media General
Media General is a leading provider of news, information and entertainment across 18 network-affiliated broadcast television stations and their associated digital media and mobile platforms. The company's stations serve consumers and advertisers in strong local markets, primarily in the Southeastern United States. Media General's network affiliates include eight NBC stations, eight CBS stations, one ABC station and one CW station. Six of the company's stations operate in the Top 40 markets in the United States. Media General's stations reach more than one-third of TV households in the Southeast and more than 8 percent of U.S. TV households. Media General entered the television business in 1955 when it launched WFLA-TV in Tampa, Florida, as an NBC affiliate. Today, WFLA is the company's largest TV station, operating in the 14th largest DMA in the United States. Media General continues to own The Tampa Tribune and its associated print properties and expects to enter into a transaction with one of several prospective buyers for the group.
Contact Us
Additional information about Media General is available on its web site www.mediageneral.com or by contacting Lou Anne J. Nabhan, Vice President-Corporate Communications, at (804) 649-6103 or lnabhan@mediageneral.com.
SOURCE Media General, Inc.