RICHMOND: Media General to buy LIN in deal worth $1.6B - WRBL

Media General to buy LIN in deal worth $1.6B

Posted: Updated:
RICHMOND, Va. -

Media General is buying fellow TV broadcaster LIN Media in a deal worth about $1.6 billion in cash and stock.

The combined company would own and operate or service a combined 74 stations across 46 markets.

The companies say the deal is worth about $27.82 per share and represents an 87 percent premium over LIN's Thursday closing stock price. The companies say LIN shareholders will own about 36 percent of the combined company.

The deal also includes about $968 million in debt.

LIN Media LLC shares are up 31 percent in premarket trading, while Media General Inc. shares are up 13 percent.

Under the agreement, LIN shareholders can receive either $27.82 in cash or 1.5762 shares of stock in the combined company for each of their LIN shares.

Copyright 2014 The Associated Press. All rights reserved.

  • U.S.More>>

  • Research drones launched into Hurricane Edouard

    Research drones launched into Hurricane Edouard

    Tuesday, September 16 2014 11:47 PM EDT2014-09-17 03:47:48 GMT
    Joe Cione, who studies how storms interact with the ocean at the National Oceanic and Atmospheric Administration’s Hurricane Research Division in Miami, holds a drone he hopes to use this hurricane season for research. (AP Photo/J Pat Carter)Joe Cione, who studies how storms interact with the ocean at the National Oceanic and Atmospheric Administration’s Hurricane Research Division in Miami, holds a drone he hopes to use this hurricane season for research. (AP Photo/J Pat Carter)
    U.S. government scientists are launching winged drones into Hurricane Edouard, hoping to collect data that could help forecasters understand what makes some storms strengthen into monsters while others fade away.
    U.S. government scientists are launching winged drones into Hurricane Edouard, hoping to collect data that could help forecasters understand what makes some storms strengthen into monsters while others fade away.
  • 25% of parents don't buckle up their kids, study finds

    25% of parents don't buckle up their kids, study finds

    Tuesday, September 16 2014 10:46 PM EDT2014-09-17 02:46:25 GMT
    This week is Child Passenger Safety Week, a national campaign to ensure that children are properly secured while riding in a vehicle.
    This week is Child Passenger Safety Week, a national campaign to ensure that children are properly secured while riding in a vehicle.
  • Contest gives public chance to win space trip

    Contest gives public chance to win space trip

    Tuesday, September 16 2014 2:46 PM EDT2014-09-16 18:46:46 GMT
    Former NASA astronaut Leland MelvinFormer NASA astronaut Leland Melvin
    A new contest gives people a chance to win a flight to space.
    A new contest gives people a chance to win a flight to space.
Powered by WorldNow

1350 13th Avenue
Columbus, GA 31901

Telephone: 706.323.3333
Fax: 706.327.6655
Email: news@wrbl.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.