Boston, MA 06/07/2013 (wallstreetpr) – The shares of Media General Inc. (NYSE:MEG) had surged to close at $9.76 per share by the end of Thursday, which was observed to be a gain of 33.70 percent over the previous closing price. The shares of the company had been trading in the range of $7.70 to $9.95 per share during the day. The shares of Media General Inc. (NYSE:MEG) had recorded 52 week high price level of $10.17 per share and 52 week low price level of $3.39 per share.
Media General Inc. (NYSE:MEG) is primarily engaged in serving customers and advertisers through news, information and entertainment services, with its operations primarily focused on the Southeast. The company operates through its network of affiliated broadcast television stations and their associated digital media and mobile platforms.
Merger with Young Broadcasting
Media General Inc. (NYSE:MEG) had announced its merger plans on Thursday, by which the media company would merge with Young Broadcasting in an all stock deal. The combined company would thereby function with the shareholders of Young Broadcasting owning 67.5 percent of the shares and the shareholders of Media General Inc. (NYSE:MEG) owning 32.5 percent of the shares.
The merged company will thereby provide an expanded broadcasting network with 30 television stations in 27 markets and would extend its reach to 14 percent of the market share in the United States.
Media General Inc. (NYSE:MEG) presently holds 27.76 million shares outstanding in the market and the institutional ownership in the company is at 72 percent of its holdings.