United News & Media, Carlton Communications agree to merger

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London--United News & Media plc, parent of Miller Freeman, has agreed to a stock-swap merger with Carlton Communications plc valued at nearly $12.6 billion. The merger creates the largest commercial broadcasting company in the U.K. Michael Green of Carlton will be chairman of the new entity; United News' Clive Hollick will be CEO. The new company will focus on broadcast and business-to-business, divesting several assets, provided the deal receives regulatory approval, according to The Wall Street Journal.
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