Nexstar Broadcasting Group Acquires Richmond-Based Media General

Nexstar Broadcasting Group, Inc., based in Irving, Texas, has bought Richmond-based Media General, one of the nation’s largest local media companies that operates or services 71 television stations in 48 markets. In addition, according to a release, Newstar also gets “the industry’s leading digital media business. Its robust portfolio of broadcast, digital and mobile products informs and engages 23 percent of U.S. TV households and more than two-thirds of the U.S. Internet audience.”

The release added that “Media General has one of the industry’s largest and most diverse digital media businesses that includes LIN Mobile, Federated Media, HYFN, Dedicated Media and BiteSizeTV, all under the LIN Digital banner. With unmatched local-to-national reach and integrated marketing solutions, Media General is a one-stop-shop for agencies and brands that want to effectively and efficiently reach their target audiences across all screens.”

The deal is valued at approximately $2.3 billion.