The combined company will be the 2nd largest pure-play TV broadcasting company, with 74 network-affiliated owned or serviced TV stations across 46 markets, reaching about 23% of U.S. TV households.
LIN Media owners will receive $763M in cash and 49.5M shares of Media General (MEG) - total consideration of about $27.82 per share based on MEG's most recent 20-day average price. Lin closed last night at $14.90.
Upon closing, Lin CEO Vincent Sadusky will become CEO of the new company to be named Media General.
CC at 10 ET