Update, 3/24/14, 4:15 p.m. EDT: Additional information about the Fried, Frank, Harris, Shriver & Jacobson team advising Media General in connection with its acquisition of LIN Media has been added to the fourth paragraph of this story.

Media General announced Friday that it has agreed to acquire LIN Media LLC in a $1.6 billion cash-and-stock deal that, if completed, will create the second-largest local television broadcasting company in the country.

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