A big merger of two media companies that has been in the works for a while is being called a done deal. TVNewsCheck reports that Nexstar will acquire Media General in a deal valued at $4.6 billion.

“The merger creates a new mega-group with 171 stations in 100 markets serving 39% of TV households,” the article reports. Nexstar will reportedly pay $17.14 per share in cash and stock.

“Current Media General shareholders will also be entitled to the proceeds from the sale of any Media General spectrum in the FCC’s incentive auction,” TVNewsCheck adds. “The parties have agreed to pay Meredith $60 million to terminate its competing merger agreement with Media General.”