Nexstar Comes to Terms on Media General Deal; Meredith Makes New Offer

Nexstar Broadcasting Group said it has negotiated terms to acquire Media General.

The transaction would pay $10.55 a share, plus 0.1249 of a Nexstar share for each Media General share. Nexstar said it will sign a definitive agreement to acquire Media General after Media General terminates its transaction with Meredith Corp. Nexstar said the form of merger agreement hasn't been fully negotiated. The Nexstar-Media General-Meredith triangle has played out over the last few months and is part of a larger story of consolidation in the broadcast business. Media General agreed to a deal with Meredith, but Media General shareholders weren't impressed that Meredith had print assets in its portfolio in addition to its TV stations and digital properties.

Following Nexstar’s announcement that it has negotiated terms to acquire Media General, Meredith countered with an amended proposal to merge with Media General.