Media General, Young Deal Set To Close Tues.

Media General and Young Broadcasting expect to close their merger next Tuesday (Nov. 12), having today received news that the FCC had approved the deal, Media General announced Friday afternoon.

In giving its blessing, the FCC denied Informal objections to the merger filed by Spartan TV and Dish Network.

Media General and Young announced the merger last June. The combination creates a mega-group with 30 stations operating in 27 markets, reaching 16.5 million, or 14%, of U.S. TV households. On the pro forma basis, the merged company had 2012 revenues of $605 million, including approximately $115 million of political revenue. 

Media General received shareholder approval for the merger yesterday. Media General will continue to be traded on the New York Stock Exchange under its existing symbol MEG, retain the Media General name and remain headquartered in Richmond, Va.

“All of us at Media General are extremely excited about the prospects for the combined company, said George L. Mahoney, president-CEO of Media General. “I spent much of the third quarter visiting the Young television stations. What I found further confirms that both Young and Media General approach their markets in the same ways. That shared broadcast vision will further animate and strengthen the smooth integration that we expect. And that, in turn, means we’ll be in a position to capitalize even more quickly on our new, combined strength.”