Reuters

(Reuters)

Media General To Buy Broadcaster Lin Media For $1.6 Billion

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Media General Inc said it would buy Lin Media LLC for $1.6 billion to create what it described as the second-largest pure-play TV broadcaster in the United States.

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Lin shareholders will get $27.82 per share in stock and cash.

The offer represents a 29.5 percent premium to Lin's closing price on Thursday.