The combined company would own and operate or service a combined 74 stations across 46 markets.
The companies say the deal is worth about $27.82 per share and represents an 87 per cent premium over LIN's Thursday closing stock price. The companies say LIN shareholders will own about 36 per cent of the combined company.
The deal also includes about $968 million in debt.
LIN Media LLC shares are up 31 per cent in premarket trading, while Media General Inc. shares are up 13 per cent.
Under the agreement, LIN shareholders can receive either $27.82 in cash or 1.5762 shares of stock in the combined company for each of their LIN shares.