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Media General Buying Meredit Corp for $2.34 Billion

 Media General Inc. is purchasing Meredith Corp, a diversified media firm, for $2.34 billion creating the third largest local TV station owner in the U.S.

The deal will also bring Media General back to the print business, after selling its newspapers to Berkshire Hathaway Inc. for $142 million in 2012.

The combined firm will be named Meredith Media General, and will initially own 88 TV stations that reach 30% of the U.S. TV households, according to the firms on Tuesday.

Shares for Meredith were up 9.68% to $50.41. Media General’s shares were down 1.6% to $10.97.

Meredith owns 17 TV stations including CBS Corp, Twent-First Century Fox Inc and Comcast Corp’s NBC. Media General owns and operates 71 TV stations. The firms said they will divest or swap stations in up to six markets in order to get regulatory approval of the deal.