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Media General to merge

The southeastern TV station operator announced plans to merge with privately held New Young Broadcasting in an all-stock deal. The new company will keep the Media General (MEG) name and own 30 TV stations in 27 markets. Under the merger, the new firm will be 67.5% owned by New Young shareholders and 32.5% by Media General shareholders. The deal is expected to close in Q3 or Q4. Shares rocketed 33.7% to 9.76.