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Media General newspaper sale leads to 75 layoffs

TBO.com
Published:   |   Updated: March 18, 2013 at 10:24 PM
RICHMOND, Va. -

Media General, owner of The Tampa Tribune, TBO.com and WFLA, News Channel 8, announced layoffs Tuesday to about 75 employees of its corporate staff in Richmond and its digital media section.

The layoffs are a result of the sale this year of most of Media General's newspapers as the company focuses on broadcast news.

"We changed from a company with revenues of $616 million in 2011 and approximately 4,000 employees to one that will have revenues this year of about $350 million and about 1,400 employees working at our television stations," Marshall Morton, Media General's president and chief executive, said in a memo to employees.

"The resources that were necessary to support our larger organization are not justifiable in our smaller, more focused company."

Media General continues to talk with potential buyers for The Tampa Tribune and TBO.com.

In May, the company announced a deal to sell 63 daily and weekly titles in Virginia, North Carolina, South Carolina and Alabama to Warren Buffett's Berkshire Hathaway Inc. for $142 million. As part of the deal, Media General received a $400 million term loan and a $45 million revolving credit line.

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