http://www.tvnewscheck.com/article/91865/nexstarmedia-general-its-a-done-deal
As expected, Nexstar Broadcasting Group and Media General have reached a deal by which Nexstar will pay $17.14 per share in cash and stock for Merger General.The merger creates a new mega-group with 171 stations in 100 markets serving 39% of TV households. Current Media General shareholders will also be entitled to the proceeds from the sale of any Media General spectrum in the FCC's incentive auction. The parties have agreed to pay Meredith $60 million to terminate its competing merger agreement with Media General.
Nexstar Broadcasting Group and Media General have entered into a definitive merger agreement whereby Nexstar will acquire all outstanding shares of Media General for $17.14 per share in cash and Nexstar stock, it was announced this morning.
The price represents a 54% premium over the closing share price of Media General on Sept. 25, 2015, the last trading day prior to Nexstar announcing its interest in acquiring Media General.
The deal is valued at $4.6 billion, including assumption of Media General debt, and is subject to regulatory (FCC and Department of Justice) and shareholder approval.
With 171 full-power television stations in 100 markets, Nexstar Media Group, as the new company will be known, will reach approximately 39% of all U.S. TV households
The Nexstar-Media General deal follows the termination of a competing merger proposal between Meredith Corp. and Media General.
As expected, Nexstar Broadcasting Group and Media General have reached a deal by which Nexstar will pay $17.14 per share in cash and stock for Merger General.The merger creates a new mega-group with 171 stations in 100 markets serving 39% of TV households. Current Media General shareholders will also be entitled to the proceeds from the sale of any Media General spectrum in the FCC's incentive auction. The parties have agreed to pay Meredith $60 million to terminate its competing merger agreement with Media General.
Nexstar Broadcasting Group and Media General have entered into a definitive merger agreement whereby Nexstar will acquire all outstanding shares of Media General for $17.14 per share in cash and Nexstar stock, it was announced this morning.
The price represents a 54% premium over the closing share price of Media General on Sept. 25, 2015, the last trading day prior to Nexstar announcing its interest in acquiring Media General.
The deal is valued at $4.6 billion, including assumption of Media General debt, and is subject to regulatory (FCC and Department of Justice) and shareholder approval.
With 171 full-power television stations in 100 markets, Nexstar Media Group, as the new company will be known, will reach approximately 39% of all U.S. TV households
The Nexstar-Media General deal follows the termination of a competing merger proposal between Meredith Corp. and Media General.