(Reuters) - Media General Inc (MEG.N) and privately held New Young Broadcasting Holding Co Inc said they will combine in an all-stock deal to form a new TV broadcasting company that will be majority controlled by New Young shareholders.

Shares of Media General, in which Warren Buffett's Berkshire Hathaway Inc (BRKa.N) (BRKb.N) holds a 17 percent stake, jumped as much as 24 percent in early trading on Thursday.

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