Back in June, Media General sold all but one of its newspaper assets to Berkshire Hathaway. Now the local company has found a buyer for that last paper.
Today Media General announced its last newspaper asset, The Tampa Tribune, has been sold to Los Angeles-based Revolution Capital Group for a reported $9.5 million.
“It’s a bittersweet day for Media General to complete the sale of its last remaining newspaper group,” said Marshall N. Morton, president and chief executive officer, in a statement. “The Tampa Tribune was our largest and second oldest newspaper.”
In June, Media General sold 63 print assets, including the Richmond Times-Dispatch, to Warren Buffett-owned Berkshire Hathaway for $142 million. Today’s announced sale of The Tampa Tribune concludes an overhaul of the company’s media operations.
“With this transaction, we complete the transformation of Media General’s business model to one focused on broadcast television and digital media,” said Morton. “We believe our future prospects are strong, based on operating 18 top-ranked local television stations in growing and important markets, mostly in the Southeast.”
The company’s largest TV station is WFLA-TV, an NBC affiliate in Tampa, Florida.