The wedding of the Media General and LIN Media television groups is one step closer to completion as the transaction gained the approval of shareholders for both.
$25.97 in cash of 1.14704 shares of Media General stock will get you one share of LIN stock under the amended agreement, with a cash value ceiling of $763M.
Marci Ryvicker of Wells Fargo says that a three-year synergy target of $70M is also in the mix.
Vincent L. Sadusky, President and Chief Executive Officer of LIN Media and prospective President/CEO of the merged entity, said, “This announcement is an important step on the critical path to ensuring the company is prepared to hit the ground running once we receive the necessary regulatory approvals. After the merger is complete, we will have one of the strongest leadership teams in the industry. Their expertise and dedication gives me even more confidence that we will deliver on our promise to build a stronger, more efficient company that will compete effectively in the rapidly evolving media landscape.”
Ryvicker noted that shareholder approval was not in doubt. What she did see as a pleasant surprise was an earlier-than-expected closing date. Execs are expecting the deal to reach the finish line sometime before the end of the year.