RICHMOND, VA.– Media General and LIN Media announced that, at separate meetings today, their respective shareholders approved the proposed merger of the two companies. Upon closing of the transaction, the merged company will retain the Media General name and remain headquartered in Richmond. The new Media General common stock will be listed on the NYSE and trade under the symbol MEG, subject to NYSE approval of the listing of the new shares.
The transaction is subject to customary closing conditions, including the approval of the Federal Communications Commission, clearance under the Hart-Scott-Rodino Antitrust Improvements Act and certain third-party consents. Upon closing of the transaction, Vincent L. Sadusky, LIN Media’s president and CEO will become president and CEO of the new Media General. J. Stewart Bryan III will continue to serve as chairman of the board. Additional board members will include: Diana F. Cantor, Royal W. Carson III, H.C. Charles Diao, Dennis J. FitzSimons, Soohyung Kim, Douglas W. McCormick, John R. Muse, Wyndham Robertson and Thomas J. Sullivan. Four of the directors were designated from LIN Media and seven from Media General.
Media General also announced that, upon closing of the transaction, the executive officers reporting to Sadusky will be James F. Woodward, senior vice president and chief financial officer; Deborah A. McDermott, senior vice president and chief operating officer; Robert S. Richter, senior vice president and chief digital officer; and Andrew C. Carington, vice president, general counsel and secretary.
The integration planning teams, co-led by senior leaders of both companies, have been working diligently for the past several months to ensure business continuity, synergy attainment, and customer and talent retention. These teams have developed detailed work plans for their functional areas and based on their integration planning work to date, as well as the substantial progress made to obtain all required regulatory approvals, the companies reaffirm confidence in their ability to realize approximately $70 million of annual run-rate synergies within three years, and expect to close on the transaction in the fourth quarter of 2014.
George L. Mahoney currently is president and CEO of Media General. His role going forward was not clarified.
