Market Updates
Media General Acquires LIN Media for $1.6 Billion
Devan Biswas
21 Mar, 2014
New York City
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Media General agreed to a $1.6 billion deal with LIN Media and expands its reach to 25% of U.S. households and becomes the second-largest pure-play TV network.
Media General, Inc ((MEG)) increased 4% to $18.05 after the company agreed to acquire LIN Media LLC for $1.6 billion. With the merger, the combined company will be the second-largest independent TV network operator with a reach of 25% of the U.S. households.
Media General after the deal will follow the largest Tribune Co which acquired Local TV Holdings for $2.7 billion. Media General said it plans to sell some stations in markets where regulators may worry about larger penetration.
LIN shareholders are expected to receive $27.82 a share in cash and Media General stock, based on the last one month of weighted average price.
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