Media General Inc has won U.S. antitrust approval to purchase LIN Media LLC after agreeing to divest television stations in five markets, the Justice Department said on Thursday. The deal was valued at $1.6 billion when it was announced in March.To win government approval for the deal, the companies agreed to sell one station in Birmingham, Alabama, two in Savannah, Georgia, one near Alabama's border with Florida, one near Rhode Island's border with Massachusetts and two in Wisconsin.Before the deal, Richmond, Virginia-based Media General operated 31 network-affiliated television stations and Austin, Texas-based LIN owned or operated 43 TV stations and seven digital channels in 23 markets across the country.The Justice Department said in a competitive impact statement that if the deal were to have gone forward without the divestitures, the prices for advertising spots would have increased in the five markets.
Shares of LIN traded higher by 1.93% or $0.45/share to $23.75. In the past year, the shares have traded as low as $19.44 and as high as $29.24. On average, 319969 shares of LIN exchange hands on a given day and today's volume is recorded at 412338.
Media General, Inc. is a provider of news, information and entertainment across 18 network-affiliated broadcast television stations and their associated digital media and mobile platforms. Shares of MEG traded higher by 0.62% or $0.09/share to $14.50. In the past year, the shares have traded as low as $12.45 and as high as $23.97. On average, 514878 shares of MEG exchange hands on a given day and today's volume is recorded at 794410.
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