Free Press praised Media General for agreeing to sell nearly...
Free Press praised Media General for agreeing to sell nearly all of its newspapers to Berkshire Hathaway. The deal includes papers in five markets where the company also operates TV stations. Media General said the transaction will give it $142…
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million in cash for the papers, and a $400 million term loan and $45 million revolving credit line from Berkshire Hathaway to fund the company’s long-term capital needs. “Cross ownership of newspapers and TV stations doesn’t benefit media companies or the public,” said Corie Wright, senior policy counsel for Free Press. “Free Press is pleased that Media General, once the biggest proponent of eliminating FCC media ownership protections, has wisely decided to unwind this failed business model."