The planned merger between Meredith Corp. and Media General is kaput, following Meredith’s agreement to terminate the deal in return for a cash payment. Media General to proceed with a separate deal that will see it acquired by Nexstar
Three-way fight for US TV station owner heats up as groups separately offer new terms
Media Gereral has made ‘several proposals’ to terminate Meredith merger and go with Nexstar buyout bid. Meredith counters with new deal terms.
Media General, the US television station owner, is facing pressure from an activist shareholder to call off its proposed $3.1bn deal to buy Meredith and instead sell itself to Nexstar Broadcasting Group.
Traditional media giants Media General and Meredith Corp. announced an agreement to merge into a new, even more giant entity that will be known as Meredith Media General. While Meredith, with some of the best-known consumer publishing brands, gets top billing in the agreement, Media General is effectively acquiring Meredith via a cash and stock deal putting its outstanding common stock value at $2.4 billion
