Marshall N. Morton will step down as CEO of Media General at the end of 2012, the company announced Wednesday. George L. Mahoney will replace him. Mahoney, the company’s release says, “has been responsible for Media General’s digital media and mobile operations, including content initiatives that attract new audiences to all of the company’s platforms and programs to create new revenue streams.” Morton has been with the company for 23 years.
Media General sold all but one of its newspapers to Warren Buffett’s Berkshire Hathaway in May, a deal that refocused the company as primarily a broadcast-television concern and allowed it to refinance its very large debt. Last month the company reported dramatically higher revenue and laid off 75 employees.
“Media General has a very promising future as a television broadcaster, with our portfolio of top ranked stations located in attractive markets,” Mahoney said in the press release. Read more