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The move, which awaits, but is expected to receive, license transfer approval from the FCC, will grow MGI's tv holdings from 18 stations, largely situated in the Southeast U.S., to 31 stations as far away as Lansing, Michigan, Sioux Falls, South Dakota and San Francisco. Included in the 28 markets MGI will now reach is Richmond's own WRIC-TV.
Once consumated, MGI shareholders will own roughly a third of the combined companies' shares and the privately held New Young Broadcasting investors will own two-thirds of the combined companies. MGI will remain headquartered in Richmond.