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Nexstar Broadcasting Group has announced that it has completed the negotiation of terms for a transaction with Media General (MEG) under which Nexstar would acquire Media General for $10.55 per share in cash and 0.1249 of a share of Nexstar Class A common stock for each Media General share.
In a statement, Nexstar said it looks forward to signing a definitive agreement with Media General as soon as Media General’s transaction with Meredith Corporation (MDP) has been terminated by either party or following a Media General shareholder vote in which the Media General/Meredith transaction is not approved. Nexstar noted that the form of merger agreement between Nexstar and Media General has already been fully negotiated.
Perry Sook, Chairman, President and CEO of Nexstar, said, “We are pleased to have negotiated these transaction terms with Media General as we believe the combination would be a transformational event that enables both companies’ shareholders to participate in the near- and long-term upside of a pure-play broadcasting company with expanded audience reach, a more diversified portfolio and a significantly stronger financial profile, led by a proven broadcast and digital media management team.”
Nexstar owns, operates, programmes or provides sales and other services to 107 TV stations and related digital multicast signals reaching 58 markets or approximately 18 per cent of all US television households.