Nexstar, Meredith battle over Media General deal
NEW YORK (AP) — Media General said Thursday that it has agreed to be bought by rival TV station operator Nexstar, but the acquisition won’t go through unless a previous deal between Media General and Meredith is cancelled.
However, Meredith is not giving up on Media General.
Media General, based in Richmond, Virginia, said Thursday that it made “several proposals” to Meredith to end its deal to buy the TV station operator and magazine publisher, but Meredith has been “unwilling to accept these offers.” In September, Media General offered to buy Meredith for $2.4 billion.
On Thursday, Meredith of Des Moines, Iowa, suggested changes to the original deal, proposing that Media General shareholders get one share of the combined Meredith Media General company plus $3.90 in cash for each share.
Irving, Texas-based Nexstar said Thursday said that it is offering about $17.66 in cash and a portion of stock for each share of Media General. That would value the deal at more than $2.2 billion.
Shares of Media General Inc. rose 28 cents, or 1.8 percent, to $16.05 in afternoon trading Thursday. Nexstar Broadcasting Group Inc. shares fell $4.02, or 7.1 percent, to $52.88. Meredith Corp. shares fell $2.29, or 5.5 percent, to $39.17.