On Thursday, Media General Inc shareholders had given their approval of the planned merger with New Young Broadcasting Holding Co. The merger would still be subject for licensing transfer approvals from the Federal Communications Commission to complete the merger.
The combination of the two broadcasting companies would involve an all-stock deal. No financial details of the transaction were disclosed. Terms of the deal would also have New Young turning over its ownership rights in Richmond, Virgina-based WRIC station to Media General. Media General, in turn, would be keeping its headquarters also in Richmond.
Media General Chairman J. Stewart Bryan III said at the shareholders' meeting, "The new company will be more geographically diverse and will have a presence in more markets that generate strong political (advertising) revenue."
The newly-merged company would be creating a 31 television station-powerhouse across 28 local markets in the US.
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