Media General Offers to Repurchase $45.2 Million in Debt
06/29/2012| 03:19pm US/Eastern
By Kristin Jones
Media General Inc. (>> Media General, Inc.) offered to repurchase up to $45.2 million of debt after completing the sale of most of its newspapers to a subsidiary of Berkshire Hathaway Inc. (BRKA, BRKB).
Shares jumped 5% to $4.61 in recent trading. The stock is up 13% so far this year.
Media General is offering to repurchase its 11 3/4% senior secured notes coming due 2017, at a purchase price of 100% of the total principal amount. The offer will expire July 30, 2012 at 5 p.m. EDT, unless it is extended.
Earlier this week, the company completed its sale of almost all of its newspapers, including 63 weekly and daily publications, for around $142 million in cash. Media General has focused on expanding its broadcast and digital businesses in recent years.
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