CTN Media Group, Inc. Thursday announced it has completed the sale of College Television Network to MTV Networks, a division of Viacom Inc. for $15 million in cash. CTN intends to use the proceeds of
the sale to Viacom to repay its secured indebtedness of approximately $11.9 million to LaSalle Bank and U-C Holdings, LLC. The balance of the proceeds from the sale and proceeds from the collection of
accounts receivable and other remaining assets will be used to pay unsecured creditors. The Company's common stockholders will not receive proceeds from this transaction. The College Television
Network was CTN's sole remaining business.
