Media General Shareholders Approve Merger With Young Broadcasting - Quick Facts

(RTTNews) - Television broadcasting and digital media company Media General Inc. (MEG) said that its shareholders approved the company's merger with privately-held New Young Broadcasting Holding Co., Inc. at a special meeting held at the company's offices in Richmond, Virginia.

Media General's shareholders voted to reclassify one-for-one each outstanding share of the company's Class A and Class B common stock into a newly created class of common stock, thereby eliminating Media General's dual-class stock structure.

Shareholders also voted to issue about 60 million shares of this new class of common stock to the Young Broadcasting equity holders, thereby increasing the total number of Media General shares outstanding to about 88 million.

Media General said it will continue to be traded on the New York Stock Exchange under its existing symbol "MEG". The merged company will retain the Media General name and will remain headquartered in Richmond, Virginia.

On completion of the merger, the combination of Media General and Young Broadcasting will create a company with 31 network-affiliated broadcast television stations and their associated digital media and mobile platforms, operating in 28 markets.

George Mahoney, president and chief executive of Media General, will continue to serve in his current role for the combined company.