Keeping track of the proposed Media General acquisition of Meredith is like watching a game of Pong. On, off, on, off, hold.

Earlier this week, reports claimed the deal was off, after Nexstar entered the coliseum with almost double the offer. Media General CEO Vince Sadusky spent part of yesterday calling other company execs and station GM's to say not to believe everything they're hearing.

Regardless, how uncomfortable is it if you're Media General senior executives that were basically told they're fired in the initial deal, and now, have to continue to run the company? Is this a great business or what?

Bloomberg did a great job of explaining the different possibilities.