Media General Inc. agreed to buy Meredith Corp. in a cash and stock deal valued at about $2.4 billion to create the one of the largest owners of U.S. TV affiliates.

Meredith shareholders will receive cash and stock amounting to $51.53 per share, 12 percent higher than the company’s closing price on Sept. 4, the media companies said in a joint statement Tuesday. Including Meredith’s $722 million in debt, the deal is valued at about $3.1 billion.

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