Media General buying Meredith in approximately $2.4 billion cash-and-stock deal

Media General is buying Meredith Corp. in an approximately $2.4 billion cash-and-stock deal.

The combined company, called Meredith Media General, will have 88 television stations in 54 markets and media brands including Better Homes and Gardens, Parents and Shape.

Meredith shareholders will receive cash and stock valued at $51.53 per share. That's a 12 percent premium to the company's Friday closing price of $45.94. Media General stockholders will own about 65 percent of the combined company, while Meredith shareholders will own approximately 35 percent.

The board will include 12 members, eight appointed by Media General Inc. and four by Meredith.

The deal is targeted to close by June 30, 2016. It still needs approval from Meredith and Media General shareholders and the Federal Communications Commission.