Texas-based LIN TV Corp. and Virginia-based Media General Inc. have announced a $1.6 billion merger.

The combined company, to retain the Media General name and trade on the NYSE as MEG, will include 74 network-affiliated, owned or operated TV stations in 46 markets, serving nearly 23 percent of U.S. TV households, according to a statement.

LIN purchased KHON-TV in Honolulu and its neighbor island sister stations from New Vision Television in May of 2012. At that time, LIN officials said the transaction would give then 50 stations in 23 markets.

The Media General-LIN merger will give LIN shareholders $763 million in cash and 49.5 million shares in stock. LIN Media shareholders will own approximately 36 percent of the combined company, while Media General shareholders will retain about 64 percent of the new company.

The merger agreement allows LIN Media to entertain additional acquisition suitors through April 25 in a so-called "window shop" period, and any successful bidder that enters into an agreement with LIN prior to May 15 would pay Media General a termination fee of $26.6 million. A competing bidder that does not submit a superior acquisition bid prior to May 15 would pay a termination fee of $57.3 million.