Nexstar Makes Surprise Bid For Media General

Media General



Nexstar Broadcasting has made a bid for TV-station owner Media General, in a surprise maneuver aimed at breaking up Media General’s effort to acquire Meredith Corp.
Nexstar sent a letter to Media General’s board of directors Monday morning offering $14.50 a share for the company. The offer includes $10.50 in cash and 0.0898 Nexstar shares for each Media General share, according to the letter.
“The transaction we are proposing would be a transformational event for both Nexstar and Media General shareholders and would deliver superior, immediate and long-term value to Media General’s shareholders compared with Media General’s proposed acquisition of Meredith,” said Nexstar Chairman and Chief Executive Perry Sook in a statement.
Earlier in September, Media General agreed to buy Meredith for about $2.4 billion in cash and stock. The deal must be approved by shareholders of both companies and would be valued at about $3.1 billion including debt.

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