Media General and LIN Media have received approval from the Federal Communications Commission (FCC) for their merger.
The Department of Justice (DOJ) announced its approval for the merger on 30 October, so the two have the green light for the consolidation. The merger and associated divestitures should be finalised on 19 December.
The combined company will own, operate or service 71 stations across 48 markets, reaching 27.5 million or 23% of US television households. In addition to the websites associated with each TV station, Media General's digital media portfolio will include LIN Digital, LIN Mobile, Dedicated Media, HYFN and Federated Media.
Upon closure of the transaction, the combined company will retain the Media General name and remain headquartered in Richmond. Shares of the new Media General will be listed on the NYSE and trade under the symbol MEG. LIN Media shares will cease trading.
"We are pleased to have received FCC and DOJ approval for our merger with LIN Media," said J Stewart Bryan III, chairman of the board of Media General. "We will now move forward to quickly integrate our operations and build upon our shared values for providing relevant local journalism and deep community engagement, both of which strengthen our ties to viewers and advertisers. The powerful combination of two strong local television broadcasters enhances our leadership position as we compete in the rapidly evolving media landscape, thus enabling us to deliver greater shareholder value."