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Media General to buy broadcaster Lin Media for $1.6 billion

(Reuters) - Media General Inc said it would buy Lin Media LLC for $1.6 billion to create what it described as the largest and most diversified TV broadcaster in the United States.
/ Source: Reuters

(Reuters) - Media General Inc said it would buy Lin Media LLC for $1.6 billion to create what it described as the largest and most diversified TV broadcaster in the United States.

Lin shareholders will get $27.82 per share in stock and cash.

The offer represents a 29.5 percent premium to Lin's closing price on Thursday.

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Sriraj Kalluvila)