Former Assets
On May 17, 2012, it was announced that investment company Berkshire Hathaway will be acquiring Media General's newspaper division (excluding The Tampa Tribune); these newspapers will be merged into Berkshire Hathaway's World Media Enterprises division, a sister company of its other newspaper holdings under the Omaha World-Herald. The deal closed June 25, 2012 . Media General's chairman and former CEO, J. Stewart Bryan III said the company faced a choice: either sell its newspaper division or file for bankruptcy protection. The latter, he said, was "unacceptable." At the end of 2011, Media General had $658 million in debt. In October 2012, The Tampa Tribune and its associated print and digital products were acquired by Tampa Media Group, Inc., a new company formed by Revolution Capital Group.
Read more about this topic: Media General