RICHMOND, Va. (AP) — Broadcast companies Media General Inc. and New Young Broadcasting Holding Co. said Thursday that they are combining to create a company that will operate 30 TV stations in 27 markets including San Francisco, Nashville, Tenn., and Richmond, Va.

The companies said the all-stock deal will give Young shareholders majority ownership, but Media General will initially have the majority of board seats. The headquarters will be in Richmond, where Media General is currently based. Media General will be the name of the combined company. George Mahoney, its president and CEO, will keep that role in the new company.

The new Media General is expected keep the ticker symbol "MEG" on the New York Stock Exchange.
Media General's stock increased more than 22 percent after the announcement. Young, which is based in Nashville, doesn't currently trade publicly.



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