Media General will pay off about $38 million in debt with proceed...
Media General will pay off about $38 million in debt with proceeds from its sale of SP Newsprint to White Birch Paper Co., it said late Monday. Media General will pay off $60 million to $65 million more in…
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debt after pending sales of five TV stations close, it said. By year-end, Media General expects its debt to total about $770 million. Less debt and lower interest rates will let the company save about $17 million this year, it said. Media General plans to cut capital spending by more than half to $20 million in 2008. “We are also actively focused on performance improvements that will counter the current advertising environment challenges, especially the impact of the deep recession in Florida,” Media General CEO Marshall Morton said in a release. The company’s stock surged 14 percent Tuesday.