Richmond’s Media General is acquiring Lin Media of Providence for cash and stock worth $2.6B in a transaction that will result in a combine of 74 owned/serviced TV stations reaching 23 percent of American households.
MG chairman Stewart Bryan said merger will “create the second largest pure-play TV broadcasting company in the US, a financially strong organization that will have opportunities for profitable growth greater than either company could achieve on its own.”
He’ll keep his title with Lin CEO Vincent Sadusky will helm the new MG.
Sadusky said the merged “television and digital assets creates maximum value for shareholders and provides the scale, breadth and resources to compete more effectively in the rapidly evolving media landscape.”
The revamped 11-member board of directors will have seven representatives from MG and four from Lin when the deal closes early next year.