by Joe Mandese @mp_joemandese, September 8, 2015

Traditional media giants Media General and Meredith Corp. announced an agreement to merge into a new, even more giant entity that will be known as Meredith Media General. While Meredith, with some of the best-known consumer publishing brands, gets top billing in the agreement, Media General is effectively acquiring Meredith via a cash and stock deal putting its outstanding common stock value at $2.4 billion.

Upon closing, the new company’s board will consist of eight directors appointed by Media General and four by Meredith. J. Stewart Bryan III, current Media General chairman, will be chairman of Meredith Media General.

Current Meredith Chairman-CEO Stephen M. Lacy will be CEO and current Meredith President. Joseph H. Ceryanec will be CFO of the new company.

The balance of Meredith Media General’s senior management team will be a combination of the two existing executive teams. The company will be headquartered in Media General’s home base of Richmond, Va., but will maintain corporate and executive offices there and in Meredith’s base of Des Moines, Iowa.

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The new consolidated company is projected to have annual revenues of $3 billion and will rank as one of the largest publishers and broadcasters in the U.S., as well as holding significant advertising agency and marketing services assets.

Meredith Media General will emerge as:

The third-largest local television station owner, initially with 88 television stations across 54 markets that reach 30 percent – or approximately 34 million – U.S. TV households.