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.
Read more Business News
- Man dies after hit by semiPenticton / S. Okanagan - 1:58 pm
- School zones back in sessionWest Kelowna - 4:45 pm
- Smoke forces evacuationKelowna - 2:30 pm
- Four vehicle crash kills bearKelowna - 2:07 pm
|QHR Technologies Inc||1.27||-0.10|
|Anavex Life Sciences||0.2195||-0.0035|
|Copper Mountain Mining||2.40||-0.26|
|Sunrise Resources Ltd||0.02||-0.005|
|Mission Ready Services||0.27||-0.02|
“Is this a fair offer from ICBC?”…. “How much should I settle for?”… “What is my claim worth?” These are just some of the questions I regularly get as...
Last night I was privileged to be able to speak at the Greater Westside Board of Trade business awards dinner. Photo: ContributedI talked about Innovation and Collaboration which are two very interes...
There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...