Shareholders of Media General and LIN, at separate meetings, have approved the proposed merger of the two local broadcasters. Upon closing of the transaction, which requires FCC approval, the merged company will retain the Media General name and remain headquartered in Richmond, VA.
Vincent L. Sadusky, LIN Media's president and CEO, will become president and CEO of the new Media General. J. Stewart Bryan III will continue to be chairman of the board. Board members will include Diana F. Cantor, Royal W. Carson III, H.C. Charles Diao, Dennis J. FitzSimons, Soohyung Kim, Douglas W. McCormick, John R. Muse, Wyndham Robertson and Thomas J. Sullivan. Four of the directors were designated from LIN Media and seven from Media General.
"This announcement is an important step on the critical path to ensuring the company is prepared to hit the ground running once we receive the necessary regulatory approvals," said Sadusky. "After the merger is complete, we will have one of the strongest leadership teams in the industry. Their expertise and dedication gives me even more confidence that we will deliver on our promise to build a stronger, more efficient company that will compete effectively in the rapidly evolving media landscape."
Media General also announced that, upon closing of the transaction, the executive officers reporting to Sadusky will be James F. Woodward, senior VP and chief financial officer; Deborah A. McDermott, senior VP and chief operating officer; Robert S. Richter, senior VP and chief digital officer; and Andrew C. Carington, VP, general counsel and secretary.
"I am extremely pleased with the progress we are making in our integration planning, which will ensure a smooth transition for all of our shareholders," said George Mahoney, president and CEO of Media General. "Filling key leadership positions is a significant achievement that paves the way to designing an operating model and organizational structure that will position Media General for success well into the future."