WJAR-TV Parent Media General Merging with Young Broadcasting

Jun 6, 2013

Virginia-based Media General, the owner of WJAR-TV (Channel 10), is merging with Young Broadcasting.

The Los Angeles Times reports:

Shares of Media General Inc. jumped as much as 29% Thursday morning after the company announced it will merge with privately held Young Broadcasting in an all-stock deal. 

The combined company will own or operate 30 TV stations in 27 markets, extending its reach to 14% of U.S. households, and will retain the name Media General and its Richmond, Va., headquarters.

Tennessse-based Young Broadcasting will own 67.5 percent of the shares following the deal.

WJAR shed its status as a NBC-owned-and-operated station when Media General bought it from former General Electric during the tenure of former GM Lisa Churchville.