Media General shareholders have approved the company’s merger with New Young Broadcasting.
The merged company will keep the Media General name and will continue to be traded on the NYSE under its existing symbol MEG.
“We’re delighted to have shareholder approval for our business combination with Young Broadcasting, and we are very excited about the prospects for the combined company,” George L. Mahoney, president and chief executive of Media General said in a statement. “Once we receive FCC approval for our license transfers, we will close very quickly on the transaction. We believe the review process is going smoothly at the FCC.”
Shareholders voted to eliminate Media General’s dual-class stock structure and reclassify one-for-one each outstanding share of Media General’s Class A and Class B Common Stock into a newly created class of Common Stock. They also voted to issue approximately 60 million shares of the new Common Stock to Young Broadcasting equity holders, increasing the number of outstanding Media General shares to about 88 million.