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Media General and LIN Media to merger


Friday, 21 Mar 2014 07:40am EDT 

Media General Inc and LIN Media LLC:Definitive merger agreement that will create second largest pure-play television broadcasting company in U.S.Under terms of agreement shareholders of LIN Media will receive aggregate consideration valued at $1.6 bln in combination of stock and cash, or about $27.82 per share.Transaction enterprise value is about $2.6 bln.Media General has formed new holding company, which after closing will be named Media General.Media General shareholders will receive one share of new holding company for each share of Media General that they own upon closing.Aggregate cash amount available for LIN Media shareholders electing cash is $763 mln.Upon closing of the transaction, LIN Media shareholders will own about 36 pct of fully-diluted shares of new holding company.Media General and LIN Media will own and operate or service 74 stations across 46 markets, reaching about 26.5 mln households, or 23 pct, of U.S. TV households. 

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