Media General, LIN To Close On Merger On Dec. 19

(RTTNews) - Media General Inc (MEG) and LIN Media LLC (LIN) said Friday that they have received approval from the Federal Communications Commission for the business combination that they announced in March. The FCC also approved the transfer of control of certain broadcast stations in connection with the divestitures that the companies in August.

The Department of Justice (DOJ) announced its approval for the merger on October 30. Media General and LIN Media expect to close on the merger and associated divestitures on December 19.

Upon closing of the transaction, the combined company will retain the Media General name and remain headquartered in Richmond, VA. Shares of the new Media General will be listed on the NYSE and trade under the symbol MEG. LIN Media shares will cease trading and will no longer be listed on the NYSE.

Upon closing of the transaction, Media General will become one of the largest pure-play broadcast companies in the country with the largest and most diverse digital business.

The combined company will own, operate or service 71 stations across 48 markets, reaching 27.5 million or 23% of U.S. television households. In addition to the websites associated with each TV station, Media General's digital media portfolio will include LIN Digital, LIN Mobile, Dedicated Media, HYFN and Federated Media.