US TV broadcast firm Media General has merged with Meredith Corporation bringing forming a joint net worth of around $2.4bn.
Newly formed Meredith Media General becomes the third largest US network affiliate boasting 88 stations in 54 markets. Stephen M. Lacy will lead Meredith Media General as chief executive with support from president Joseph H. Ceryanec as chief financial officer.
Media General chairman J. Stewart Bryan III, said: "Shareholders of both companies will benefit from the upside potential of a diversified and strategically well-positioned media company with a strong financial profile and the ability to generate significant free cash flow."
Meredith chief executive Steve Lacy, added: “We are excited about the opportunity to create a powerful new multiplatform and diversified media company with significant operations on the local and national levels.”
He concluded the new company could “capture the rapidly developing growth potential of the digital media space”.
Media General shareholders will own approximately 65 per cent on the new company leaving Meredith investors with just over a third. Meredith Media General will have a reach of 34m US TV households.