The consolidation of TV stations into just a few companies continues this morning after Media General and LIN announced that the two companies were merging.
Here is the internal memo that was sent out to LIN employees this morning:
From: Vincent Sadusky <email@example.com>
Date: March 21, 2014 at 7:47:02 AM EDT
To: _Corp All Lin Employees <AllLinEmployees@linmedia.com>
Subject: Important Announcement from Vincent Sadusky, President and CEO
Dear Fellow Employees,
This morning, LIN Media announced plans to merge with Media General, another great local television and digital media company. This is an exciting and historic day for our employees and shareholders. In Media General, we found the right partner to deliver significant value for all of our stakeholders. Combined under the Media General brand, we will be the second largest company in the U.S. that is singularly focused on being the leading provider of multiscreen content and marketing solutions. Importantly, we will also have the enhanced scale, breadth and capabilities to compete more effectively in the rapidly evolving media landscape.
I am excited about the opportunity to lead our new company as its President & Chief Executive Officer, and achieve new levels of success.
Other key points from the attached press release include:
- The company will be headquartered in Richmond, VA. We expect to maintain a significant corporate and operational presence in Austin, Providence and Indianapolis.
- The company will own and operate or service 74 stations across 46 markets, reaching approximately 26.5 million households, or 23%, of U.S. TV households.
- The company’s digital media portfolio, which includes LIN Digital, LIN Mobile, Dedicated Media, HYFN, Nami Media and Federated Media, will be the largest and most diversified in the TV broadcasting sector.
- Together, we will extend the reach of our unique, local content to consumers on multiple screens, further grow our industry-leading digital business and increase our multiscreen marketing capabilities to capitalize on the high demand for differentiated, best-in-class advertising solutions.
- We anticipate closing in early 2015 upon approval by shareholders and regulatory authorities. Until then, LIN Media and Media General will remain separate companies, and it will be business as usual for all of us. The key to our success has been – and will continue to be – you. As we move forward, I ask that you continue to focus on your day-to-day responsibilities, and on providing our viewers and advertisers the premium products and service they value and trust.
As in any transaction of this size, the integration process will take time. In the coming weeks, we will establish a transition-planning team. We will also communicate more information to you as quickly as we can on our transition plans.
You have been an integral part of building LIN Media’s success over the years. Today, that value is being recognized by this opportunity to merge with Media General and to be a part of an industry-leading company that can capitalize on its position of strength, which will create greater opportunities over the long term.
President & CEO