Media General to Divest Seven Stations for LIN Deal Under DOJ Settlement
The Department of Justice will require Media General to divest seven stations as part of a proposed settlement to allow it to proceed with its proposed $1.5 billion buy of LIN Media, DOJ said in a news release Thursday. “Without…
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the required divestitures, prices for broadcast television spot advertising would likely increase to advertisers” in the designated market areas involved, which include Birmingham, Alabama; Providence, Rhode Island; Pensacola, Florida; and Green Bay, Wisconsin, DOJ said. “Media General’s stations and LIN’s stations compete head-to-head in the sale of broadcast television spot advertising in several markets around the country.” The divestitures were planned by Media General and LIN when the transaction was announced (see 1408210055), and the stations would go to Hearst, Meredith and Sinclair under the terms of the proposed settlement, the release said. The FCC is expected to approve the deal on the heels of the DOJ settlement, said Wells Fargo analyst Marci Ryvicker in an email to investors.