Media General, Inc. on Wednesday announced the sale of two of its television stations in an attempt to relieve some of its debt, the company said in a statement.

The company announced the sale of three other stations since May, and expects total proceeds of the five stations to be between US$100 million and $105 million. After paying taxes on the sales, Media General expects to be able to reduce the debt by $60 million to $65 million.

Media General publishes 25 daily newspapers, including the Tampa Tribune and Winston-Salem Journal. It also publishes community newspapers in five U.S. states and 275 weeklies and other target publications.

On Thursday, the Richmond, Va.-based newspaper publisher and TV station operator saw a second quarter loss of $129,000, or one cent per share, compared to a profit a year ago of $5.2 million, or 22 cents per share, the Associated Press reported. This does not include a goodwill impairment charge, estimated to be between $500 million and $550 million.

Hoak Media Corporation on Wednesday completed its purchase of the ABC television station WMBB in Panama City, Fla., and the dual NBC/CBS station KALB/NALB in Alexandria, La. Terms of the sale were not disclosed, according to a press release.

Media General agreed to sell its WNEG TV station in Toccoa, Ga., to the University of Georgia Foundation on June 25, and the sale is expected to be complete in the third or fourth quarter of this year. It is also selling WCWJ in Jacksonville, Fla., and completed its sale of WTVQ in Lexington, Ky. to Morris Network, Inc. on May 13, the release stated.