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March 21, 2014 by · Leave a Comment 

In a deal that will create the second-largest pure-play TV station group in the U.S., Media General, Inc. is acquiring LIN Media for $1.6 billion in stock and cash. The merged company will reportedly reach nearly a quarter of all U.S. TV households. Media General’s chairman, Stewart Bryan, will remain chairman of the combined company, while Lin’s CEO, Vincent Sadusky, will become CEO of the company. In an interview with the broadcasting trade site, TV broker Larry Patrick, founder of Patrick Communications, remarked that the merger “provides solid evidence that free cash flow generation by strong television broadcasters remains a vital selling point for the industry. … The stations and markets match up very well. [Merger and acquisition] activity in the television industry is back with a bang with this announcement.” The deal is subject to approval by government regulators and shareholders of the two companies.