Under the proposal, Nexstar would acquire all of Media General’s outstanding common stock for $14.50 per share in cash and stock.
The Media General Board of Directors “will carefully review and consider the proposal to determine
the course of action that it believes is in the best interests of the Company and its shareholders. Media General said it would have no further comment on the proposal until the Board has completed its review.
Media General announced earlier this month that it had agreed to pay $2.4B in a cash and stock deal for Meredith in yet another sign of TV station owners’ eagerness to consolidate ahead of the FCC’s planned airwave spectrum auction. The deal would create the No. 3 TV station owner.
RBC Capital Markets is acting as financial adviser to Media General and Fried, Frank, Harris, Shriver & Jacobson LLP is acting as its legal counsel.