Young, Media General To Form $800M TV Broadcaster

Law360, New York (June 6, 2013, 4:05 PM EDT) -- New Young Broadcasting Holding Co. Inc. said Thursday that it will unite with Warren Buffett-backed Media General Inc. to form a single television broadcaster with 30 network-affiliate stations in its arsenal and a shared market value around $800 million.

Under the terms of the stock-for-stock deal, Young shareholders are poised to take a controlling 67.5 percent stake of the combined company. Media General investors — including Buffett's Berkshire Hathaway Inc., with its 17 percent stake — will hang onto the rest.

As part of the tie-up,...
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