Richmond-based Media General Inc. and privately held New
Young Broadcasting of Nashville, Tenn., announced an all-stock deal today to
merge the two companies.
The new company will be named Media General and its
headquarters will remain in downtown Richmond ,
according to the Times-Dispatch.
Young has been the owner of Richmond 's WRIC-Channel 8. The merger means
the station will be owned by Media General, which despite being based here,
does not have a television station in the region.
“I’m particularly pleased that we have WRIC Channel 8 in
Richmond, and that Media General will now have a local broadcaster in its home
market,” said George L, Mahoney, Media General’s president and chief executive
officer. “We will see all sorts of opportunities.”
The combined company will own or operate 30
network-affiliated TV stations across 27 markets, reaching 14 percent of
U.S.television households, the companies said.
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