Media General's President and CEO Marshall N. Morton plans to retire at the end of the year. The company said Wednesday that he will be succeeded by George L. Mahoney.

The Morton, 66, has worked at Media General for 23 years. He started as the company's chief financial officer in 1989 and has served as president and CEO since July 2005.

Media General Inc., a news and entertainment company with 18 network-affiliated television stations, recently sold the majority of its newspapers to focus on broadcasting. The company's stations reach more than a third of households in the Southeast.

Mahoney, 60, currently serves as vice president of growth and performance. In that role, he's been responsible for the Richmond, Va. company's digital media and mobile operations. He's also been responsible for central broadcast television operations.

Mahoney, who has been with the company since 1993, will take over as president and CEO at the start of 2013. In the interim, he will serve as vice president and chief operating officer. Media General is based in Richmond, Va.

Media General's stock shed 8 cents to $4.81 in morning trading.