Media General says its “business combination” with LIN Media has closed, which means the two are now one company.
“We are pleased to have finalized the merger transaction that delivers numerous strategic and financial benefits, including a strong balance sheet, significant free cash flow, enhanced scale and a diverse geographic footprint that will provide important opportunities to continue growing our business,” said Media General’s president and CEO, Vincent L. Sadusky. “We look forward to a smooth integration, capitalizing on our new, combined strength and achieving our synergy goals.”
The merger was approved by the FCC Last week.
Sadusky, the former head of LIN and new head of the merged company, told the Richmond Times-Dispatch he plans on keeping the company headquarters in Richmond.
He and other top executives will be mobile and spend a lot of time traveling to the company’s offices and TV stations around the nation, he said. The combined company will have 71 stations in 48 markets, reaching 27.5 million, or 23 percent, of U.S. television households. Read more