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US: Nexstar finally lands $4.6B deal to buy Media General

By  |  January 27, 2016

Irving-based Nexstar Broadcasting Group. emerged victorious Wednesday in its contentious and long running bid to become one of the nation’s largest media players.

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    Nexstar said it has entered into a definitive merger agreement with Media General, finally edging out publisher Meredith to consummate a deal valued at $4.6 billion.

    Nexstar will acquire all outstanding shares of Media General for $10.55 a share in cash and 0.1249 of a share of Nexstar Class A common stock for each Media General share. Media General shareholders also are entitled to proceeds received from the sale of Media General’s spectrum in an incentive auction set to be held by the Federal Communication Commission.

    To reflect its broadened base of operations and capabilities, Nexstar will change its name to Nexstar Media Group, Inc. upon the completion of the transaction.

    Full content: The Financial Times

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