RICHMOND, Va. (AP) — 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. This material may not be published, broadcast, rewritten or
redistributed.
RICHMOND, Va. (AP) — 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. This material may not be published, broadcast, rewritten or
redistributed.