Media General and Young Broadcasting will combine into...
Media General and Young Broadcasting will combine into one company majority-owned by Young shareholders but retaining the Media General name and headquarters, after an all-stock merger transaction announced in a news release Thursday (http://bit.ly/1b9p1LY). It said Young will add 12…
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network stations to the 18 already owned by Media General, giving the company 30 after the deal, operating in 27 markets and reaching 16.5 million U.S. TV households. They said Media General’s 2011 to 2012 average revenue was $320 million and Young’s $219 million. The release said the estimated total shares outstanding after closing is 89.1 million, and Media General’s ownership split will be “approximately” 32.5 percent Media General shareholders and 67.5 percent Young shareholders. “The combination provides immediate accretion to free cash flow, a strong balance sheet, the opportunity to refinance debt at a much lower cost and attractive synergies,” said Media General Chairman Stewart Bryan. The release said Media General will issue “approximately 60.2 million shares of the new Media General common stock” to Young’s shareholders. The release said the transaction is expected to close in Q3 or Q4.