Tuesday, July 7th32.4°C
25936

Media General to acquire LIN Media in deal worth about $1.6B in cash and stock

RICHMOND, Va. - Media General is buying fellow TV broadcaster LIN Media in a deal worth about $1.6 billion in cash and stock.

The combined company would own and operate or service a combined 74 stations across 46 markets.

The companies say the deal is worth about $27.82 per share and represents an 87 per cent premium over LIN's Thursday closing stock price. The companies say LIN shareholders will own about 36 per cent of the combined company.

The deal also includes about $968 million in debt.

LIN Media LLC shares are up 31 per cent in premarket trading, while Media General Inc. shares are up 13 per cent.

Under the agreement, LIN shareholders can receive either $27.82 in cash or 1.5762 shares of stock in the combined company for each of their LIN shares.

The Canadian Press


Read more Business News

26908


Recent Trending




Today's Market
S&P TSX14624.50+30.93
S&P CDNX652.83-10.50
DJIA17776.91+93.33
Nasdaq4997.46+5.52
S&P 5002081.34+12.58
CDN Dollar0.7863-0.0043
Gold1153.50-19.40
Oil53.61+0.48
Lumber281.70-2.00
Natural Gas2.728-0.028

 
Okanagan Companies
Pacific Safety0.18+0.01
Knighthawk0.010.00
QHR Technologies Inc1.50-0.02
Cantex0.05+0.02
Anavex Life Sciences0.53+0.01
Metalex Ventures0.065-0.010
Russel Metals22.58+0.19
Copper Mountain Mining1.04-0.05
Colorado Resources0.09+0.01
ReliaBrand Inc0.0065+0.0005
Sunrise Resources Ltd0.03-0.01
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.00

 





FEATURED Property
23277697012 Southridge Ave
4 bedrooms 3 baths
$649,900
more details
Click here to feature your property
Please wait... loading


Increase property value

Photo: Thinkstock.comHere are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment five to six times what t...


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...

_



26376




Member of BC Press Council


25143