NEW YORK (TheStreet) -- LIN Media (LIN - Get Report) is surging on the news Media General (MEG - Get Report) will purchase the company to become the second-largest pure-play television broadcasting company in the U.S.
By midday, shares had spiked 22.8% to $26.39. Trading volume of 4.8 million was more than 9 times its three-month daily average.
The combined company will include 74 network-affiliated owned or serviced TV stations in 46 markets with reach of 26.5 million, or around 23% of the total number of TV households in the U.S.
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