(Corrects paragraph 1 to say the deal creates the second-largest pure-play TV broadcaster, not largest and most diversified)
March 21 (Reuters) - Media General Inc said it would buy Lin Media LLC for $1.6 billion to create what it described as the second-largest pure-play TV broadcaster in the United States.
Lin shareholders will get $27.82 per share in stock and cash.
The offer represents a 29.5 percent premium to Lin's closing price on Thursday. (Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Sriraj Kalluvila)