Wednesday, December 10, 2008

Media General debt pressures ease with new terms

Media General Inc., which publishes the Richmond Times-Dispatch and other newspapers, said Wednesday it has reached new terms with lenders, giving it breathing room as its peers continue to contend with high debt and weak ad prospects.

Its shares rose 12 percent.

The new financing terms adjust the lender-imposed financial targets that the company said in October it might narrowly miss, based on its long-term forecasts. Details of the new agreements are to be disclosed when the deals are completed next week.

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