FOR IMMEDIATE RELEASE
Friday, November 8, 2013
Media General Receives FCC Approval for Merger with Young Broadcasting; Plans to Close Transaction on Tuesday, November 12, 2013
RICHMOND, Va. – Media General, Inc. (NYSE: MEG) today received approval from the Federal Communications Commission (FCC) for its merger with New Young Broadcasting Holding Co, Inc. Media General expects to close on the transaction on Tuesday, November 12, 2013.
“We’re delighted to have FCC approval for the merger, the last step in the approval process. We are now in a position to close on the transaction and will do that on Tuesday, November 12, 2013,” said George L. Mahoney, president and chief executive of Media General.
The FCC approved Media General’s applications seeking consent to transfer the broadcast television licenses for all Media General and Young Broadcasting stations to a new post-merger entity. Additionally, the FCC denied Informal Objections filed by Spartan-TV and Dish Network.
As previously announced, Media General received shareholder approval for the merger yesterday. Media General will continue to be traded on the New York Stock Exchange under its existing symbol MEG. The merged company will retain the Media General name and will remain headquartered in Richmond, VA.
“All of us at Media General are extremely excited about the prospects for the combined company. I spent much of the third quarter visiting the Young television stations. What I found further confirms that both Young and Media General approach their markets in the same ways. That shared broadcast vision will further animate and strengthen the smooth integration that we expect. And that, in turn, means we’ll be in a position to capitalize even more quickly on our new, combined strength,” said Mr. Mahoney.
About Media General
Media General, Inc. is a leading local television broadcasting and digital media company, providing top-rated news, information and entertainment. When the merger is complete, the combination of Media General and Young Broadcasting will create a company with 31 network-affiliated broadcast television stations and their associated digital media and mobile platforms, operating in 28 markets. Network affiliations will include CBS (12), NBC (9), ABC (7), Fox (1), MyNetwork TV (1) and CW (1). The combined company will reach approximately 16.5 million, or approximately 14%, of U.S. TV households. Sixteen of the 31 stations are located in the top 75 designated market areas.