Media General Inc.

Media General to merge with Young Broadcasting

Media General to merge with Young Broadcasting

Shares of Media General Inc. jumped as much as 29% Thursday morning after the company announced it will merge with privately held Young Broadcasting in an all-stock deal. 

The combined company will own or operate 30 TV stations in 27 markets, extending its reach to 14% of U.S. households, and will retain the name Media General and its Richmond, Va., headquarters. 

Following the close of the transaction, shareholders of Nashville-based Young will own 67.5% of the shares, while Media General shareholders will own 32.5%. 

34°