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Media General Buying LIN Media for $1.6B

The TV station business consolidation continued as Media General announced plans to acquire LIN Media to form what they called the second-largest television broadcasting company.

The combined company will have 74 network-affiliate owned or serviced TV stations in 46 markets, reaching about 23% of U.S. households.

The deal calls for LIN shareholders to receive $763 million in cash and 49.5 million shares of stock, for a total value of $1.6 billion.

“Combining Media General and LIN Media will create the second largest pure-play TV broadcasting company in the United States, a financially strong organization that will have opportunities for profitable growth greater than either company could achieve on its own,” Media General Chairman J. Stewart Bryan said in a statement. “Our two companies share a deep commitment to operating top-rated stations, to providing our local markets with excellent journalism and to engaging in meaningful ways with the communities we serve. The prospects for digital media growth are particularly exciting. I look forward to welcoming Vince and LIN Media’s employees to Media General.”

“We are pleased to have found an outstanding strategic business partner in Media General, with its strong stations, diverse footprint and commitment to lead the industry. Vince and his team have done an exceptional job growing and evolving LIN Media over the years to be one of the most innovative and successful multimedia companies in the business,” said Douglas W. McCormick, Chairman of the Board of LIN Media. “This merger will create a stronger, more efficient company that can capitalize on its position of great strength. Importantly, it will provide shareholders of both companies with a compelling opportunity to participate in the long-term upside potential of the combined company.”