Media General and Young Broadcasting have announced an agreement to merge the two companies. The new company will retain the Media General name and location, based in Richmond, Va.
Media General owns 18 stations and Young owns or operates 12 stations. The combined company will have 30 stations in 27 markets, reaching 14% of U.S. television households. In a statement announcing the merger, the two companies said the merger will make Media General more “geographically diverse” and give it a presence in “more markets that generate strong political revenues.”
Media General president and CEO George L. Mahoney will remain in that role following the merger.
“I’m very excited about the wonderful opportunities that lie ahead for the new Media General. Our stations and Young’s have earned excellent reputations as leading local content providers,” Mahoney said in a statement. “In working with the Young management and owners over the past several months, it’s clear that we share strong values for customer focus and innovation and a commitment to harnessing the future in an age of rapid change.”
Read the memo to Young stations from present and CEO Deborah McDermott, as well as the official announcement, after the jump. Read more