Two companies that own television stations have announced a merger that will create a company owning 30 stations. The Richmond Times-Dispatch reports that Media General is merging with New Young Broadcasting Holding Co., a privately held company that owns 12 television stations.
Media General, which owns 18 TV stations, will keep its dual-class stock ownership structure, the story notes. The combined company will own stations reaching 14% of the U.S. TV market, with revenue of more than $600 million.
The new company will keep the Media General name and will remain headquartered in Richmond, Va.