RICHMOND, Va. (AP) — Broadcast companies Media General and New Young Broadcasting say they are combining to create a company that will operate 30 TV stations in 27 markets.
Media General Inc.'s stock increased more than 23 percent after the announcement.
Media General sold its newspapers last year to focus on broadcasting. It currently owns 18 network-affiliated stations, including WFLA in Tampa, Fla., while Young owns or operates 12, including KRON in San Francisco.
The companies say that by combining, the stations will be more geographically diverse and will be in more markets that have strong ad revenue from political campaigns.
The boards of both companies have approved the deal, as have Young's shareholders. It is subject to approval from Media General shareholders and from regulators. A vote has yet to be scheduled.