LANSING, Mich (WLNS) – An agreement has been reached that merges two broadcasting companies and will give WLNS-TV new corporate owners.
Nexstar Broadcasting Group, which owns and operates 171 television stations in 100 markets has agreed to buy Media General, WLNS’s parent company.
Media General operates 71 television stations in 48 markets, in addition to having one of the leading digital media businesses in the industry.
According to a media release from Nexstar the cash and stock purchase price totals $4.6 billion.
Vincent L. Sadusky, President and CEO of Media General, said, “Together with Nexstar, we can deliver a more comprehensive, integrated and competitive offering across all markets for the benefit of our advertisers and brands.”
The new company will be called Nexstar Media Group and will be headquartered in Irving, Texas.
The merger has already been approved by both company’s boards of directors but must still be approved by Media General and Nexstar stockholders.
The FCC must also approve the merger and other regulatory procedures must be completed. The completion of the transaction is expected late summer or early fall of this year.
Nexstar says it will divest certain television stations necessary to obtain the FCC approval.