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.