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US: Media broadcasters ink deal affecting 16.5M households

By  |  June 6, 2013

Two media broadcasting companies have announced plans to merge in a deal that will affect a reported 16.5 million households. According to a press release, Media General, Inc. has reached an agreement to combine with Young Broadcasting, a privately held company, in an all-stock transaction. The new company will broadcast television programming that reaches an estimated 14 percent of American viewers. The combined entities will run under the name of Media General and, according to a press release, will focus on a total debt refinancing of about $900 million that combines the outstanding debt of both parties. The companies announced the deal just over one year after Berkshire Hathaway, owned by Warren Buffett, took over Media General’s print newspaper enterprises. It was a move that, according to reports, gave the media company more strength to consolidate within the television broadcasting market.

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