Media General to Buy LIN Media, Creating Large TV Broadcaster

Media General said that it would acquire LIN Media for $1.6 billion in a cash and stock deal that will create the second-largest local television broadcasting company.

Both Media General and LIN Media operate local television stations that act as affiliates to the big broadcast networks like ABC, CBS and NBC. The combined company will own 74 stations in 46 markets and reach 26.5 million households, or 23 percent of the market in the United States. It will rank behind only Sinclair Broadcast Group in terms of number of stations operated.