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Market Update

Media General Acquires LIN Media for $1.6 Billion

Author: Devan Biswas
Last Update: 12:54 PM ET March 21 2014

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.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc