Nexstar Offers $4.1 Billion to Buy Media General
Nexstar Broadcasting is trying to stop Media General from buying Meredith and they are offering up $4.1 billion dollars to do it.
Nexstar says they have offered to acquire fellow local TV station owner Media General in a $4.1 billion deal in an attempt to stop the latter from buying Meredith Corp.
Nexstar chairman and CEO Perry Sook sent a letter Monday morning to Media General’s board offering $14.50 per share for the company, with $10.50 of that in cash and the rest in stock.
Media General recently unveiled a $2.4 billion deal for Meredith. Nexstar said its offer represents a premium of 30 percent to Media General’s closing stock price on Friday.
If Media General takes the deal and it goes through, it would give Nexstar almost 200 local tv stations.