Media General to merge with LIN Media
Richmond-based Media General Inc. announced Friday plans to merge with Austin, Texas-based LIN Media LLC, a deal valued at $2.6 billion. The new company will be named Media General and its headquarters will remain in Richmond.
Together, the companies will own and operate or service 74 stations across 46 markets, reaching approximately 23 percent of U.S. TV households.
Vincent L. Sadusky, LIN Media’s President and CEO, will become president and CEO of Media General. J. Stewart Bryan III will continue to serve as chairman of the board.
The transaction has been unanimously approved by Media General and LIN Media’s board of directors. It is subject to customary closing conditions, including the approval of Media General and LIN Media shareholders, the Federal Communications Commission, clearance under the Hart-Scott-Rodino Antitrust Improvements Act and customary third-party consents.