A station merger valued at $2.4 billion has just been announced that will create a group consisting of 88 stations. TVNewsCheck reports that Media General announced it will acquire Meredith Corp.
Media General will reportedly pay $51.53 per share, in cash and stock. The newly formed company, Meredith Media General, will be led by Meredith CEO Stephen M. Lacy, who will become its CEO-president. Other senior managment members are yet to be announced.
The new group will consist of 88 stations in 54 TV markets, with a reach of 30% of television homes. The company will spin off stations in six markets to be in compliance with FCC ownership regulations.
“Under the terms of the agreement, Meredith shareholders will receive cash and stock valued at $51.53 per share, which represents a 12% premium to Meredith’s closing stock price on Sept. 4,” TVNewsCheck reports.
The deal requires government approval and is expected to close by June 30, 2016.