Media General and the New Young Broadcasting company of Nashville, Tenn., will merge, the Richmond Times-Dispatch reports.
The new company, which will be called Media General, will own 30 television stations. It will be based in Richmond, Va., where Media General currently operates.
When Media General sold most of its newspapers — including the Times-Dispatch — to Warren Buffett last year, it refinanced its crushing debt.
“As of March 31, Media General’s outstanding debt was $601 million, and Young’s was $164 million,” the Times-Dispatch reports. “The new Media General intends to pursue a total debt refinancing of about $900 million, according to a news release this morning.”
Company stock rose sharply on the news.