Media General is acquiring LIN Media for $1.6 billion in stock and cash, the companies said Friday.
The combination of Media General and LIN will create a local broadcasting giant that will own and operate 74 television stations in 46 mostly midsized and smaller markets. Overall, Media General and LIN will have a nationwide reach of about 23%.
Only Baltimore-based Sinclair Broadcast Group, which owns and operates almost 170 outlets, will be bigger than the new Media General in terms of television stations. However, many broadcasters including CBS and Fox have a larger national reach.