Media General, Inc. -- Moody's says Media General's acquisition of WHTM TV (Harrisburg) has no immediate impact on credit ratings

New York, June 24, 2014 -- Moody's Investors Service ("Moody's") says that Media General, Inc. ("Media General") agreed with Sinclair Broadcast Group, Inc. ("Sinclair") to purchase WHTM TV, an ABC affiliate in Harrisburg, PA, currently owned by Allbritton Communications Company ("Allbritton"), for $83.4 million in cash. There is no immediate impact to Media General's ratings nor the stable outlook as Moody's expects overall financial metrics and operating performance to remain within the B1 Corporate Family Rating. The transaction increases the 2-year average debt-to-EBITDA ratio modestly, and is expected to be in the mid 5x range pro forma for announced transactions (including Moody's standard adjustments). The acquisition is subject to regulatory clearance, customary closing conditions, and completion of the Sinclair-Allbritton acquisition.

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