Debevoise & Plimpton, Fried, Frank, Harris, Shriver & Jacobson, and Gibson, Dunn & Crutcher are advising on an all-stock merger between Media General and New Young Broadcasting that will create a television broadcast company with 30 stations in 27 markets.
The combined entity, which will retain the Media General name and be based out of that company’s Richmond headquarters, hopes to refinance debts totaling $765 million. New Young shareholders will own about 67.5 percent of the newly formed company’s shares, with Media General shareholders owning the balance. The bulk of the new company’s television stations will be affiliated with ABC, CBS, and NBC.
