Media General has released a statement saying they have completed negotiation terms for a move that allows Nexstar to acquire them.

The deal values Media General at approximately 10x 2014/2015 cash flow. If you throw in the projected value of MG's spectrum assets, that number goes to 12x.

MG CEO Vincent Sadusky sent out an email announcing the move, but also cautioned that nothing can happen until the acquisition agreement with Meredith is terminated. And guess what, Meredith has rejected every offer for termination. If Meredith continues to fight, it will force a shareholder vote. In the meantime, Media General's Board of Directors still supports the acquisition by Meredith. (Of course they do, because that's the only way some of them will survive. Under Nexstar, you can bet they'll all be fired)

This is getting good. And as we see it, Perry Sook just became Gordon Gekko.

Here's the full press release