Nexstar Broadcasting to Acquire Media General for $4.6 Billion

Nexstar Broadcasting will acquire Media General for $4.6 billion. The execution of this agreement follows the termination of the proposed merger transaction between Meredith Corporation and Media General. Pursuant to the Meredith-Media General merger agreement, Meredith will receive the $60 million termination fee. In addition, Meredith will receive an opportunity to negotiate for the purchase of certain broadcast and digital assets currently owned by Media General.

The new Nexstar Media Group will boast 171 full power television stations in 100 markets, reaching approximately 39 percent of all US television households. The transaction is subject to a vote by stockholders of Media General and Nexstar, Federal Communications Commission approval, and other regulatory approvals and other customary closing conditions. Nexstar intends to divest certain television stations necessary to obtain FCC approval of the proposed transaction.