Media General is the surviving entity, and is now comprised of 71 owned or operated television stations in 48 markets. It also claims a successful digital business as one of its related assets.
Commenting on the announcement, Media General’s President and Chief Executive Officer, Vincent L. Sadusky said, “We are pleased to have finalized the merger transaction that delivers numerous strategic and financial benefits, including a strong balance sheet, significant free cash flow, enhanced scale and a diverse geographic footprint that will provide important opportunities to continue growing our business. We look forward to a smooth integration, capitalizing on our new, combined strength and achieving our synergy goals.”
RBC Capital Markets, LLC provided financial advice and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to Media General. J.P. Morgan provided financial advice and Weil, Gotshal & Manges LLP served as legal advisor to LIN Media.
The new improved and expanded Media General reaches 23% of all US TV households and has access to 43% of US internet users.