Another Media Consolidation -- Young Broadcasting & Media General
In an all-stock deal, Media General and Young Broadcasting have agreed to merge. With Media General's 18 stations, and Young's 12, the combined company, which will be called Media General, will own 30 stations in 27 markets and reach 14 percent of U.S. households. In a statement, Media General said that the deal will enhance its ability to participate in retransmission revenue growth, share growth of national and digital advertising, and syndicated programming purchasing. Young's largest outlet is KRON-TV in San Francisco, which made headlines when it refused demands by NBC to control the station's programming and dropped its affiliation with the network in 2002, an act that eventually plunged the company into Chapter 11 bankruptcy.