Media General Issues Merger Election Results Of LIN Media Shareholders

(RTTNews) - Media General, Inc. (MEG) said that in connection with the closing of its acquisition of LIN Media LLC announced on December 19, the former shareholders of LIN Media had the option to choose to receive either $25.97 in cash or 1.4714 shares of voting common stock of Media General, subject to pro-ration, in exchange for their shares of LIN Media.

In March, Media General and LIN Media announced a definitive merger agreement valued at $1.6 billion in a combination of stock and cash, which would create the second largest pure-play television broadcasting company in the U.S.

Media General noted Wednesday that as the cash consideration was oversubscribed, all LIN Media shareholders who opted to receive cash consideration will have the cash consideration pro-rated. A portion of the cash consideration otherwise payable in respect of those shares will be substituted with shares of voting common stock of Media General.

Based on the final results of the elections, LIN Media shareholders elected to receive cash consideration in respect of 46.76 million, or about 81.4 percent of the outstanding LIN Media shares.

The shareholders also elected to receive share consideration in respect of 8.85 million, or about 15.2 percent of the outstanding shares. The shareholders made no election in respect of 1.90 million, or about 3.3 percent of the outstanding shares.

In the merger, Media General is issuing a total of about 41.24 million shares of voting common stock and paying about $763 million in cash to the former LIN Media shareholders.