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Media General says its “business combination” with LIN Media has closed, which means the two are now one company.
“We are pleased to have finalized the merger transaction that delivers numerous strategic and financial benefits, including a strong balance sheet, significant free cash flow, enhanced scale and a diverse geographic footprint that will provide important opportunities to continue growing our business,” said Media General’s president and CEO, Vincent L. Sadusky. “We look forward to a smooth integration, capitalizing on our new, combined strength and achieving our synergy goals.”
The merger was approved by the FCC Last week.
Sadusky, the former head of LIN and new head of the merged company, told the Richmond Times-Dispatch he plans on keeping the company headquarters in Richmond.
He and other top executives will be mobile and spend a lot of time traveling to the company’s offices and TV stations around the nation, he said. The combined company will have 71 stations in 48 markets, reaching 27.5 million, or 23 percent, of U.S. television households.
“Every week, we are constantly on the move,” he said.
Sadusky lives in Boca Raton, Fla., and plans to keep his home there, where his wife and children live. He expects to have an apartment in Richmond but said he would miss his temporary quarters at The Jefferson Hotel.
“It is a fine place to do business,” Sadusky said of Richmond.
“It’s on the Eastern Seaboard and easy to get to. I can’t think of any reasons to move (the headquarters).”
Sadusky, 49, had served as LIN Media’s president and CEO since 2006 and was appointed president and CEO of the combined company as part of the merger agreement.
George L. Mahoney’s last day as Media General’s chief executive is today. He leaves after more than 20 years with the company. Mahoney became CEO early in 2013.
Several other executives with Media General have departed or soon will leave, while some will stay with the company.
The company also downsized its corporate staff this year.