NY Post

Progress Seen in $2 Billion Station Merger

Dec 23, 2015  •  Post A Comment

A $2 billion-plus TV station acquisition is close to happening, according to sources cited by the New York Post.

If the deal goes through, Nexstar Broadcasting, which owns 106 stations reaching 17% of the U.S. TV market, will acquire rival Media General, the paper reports.

“On Dec. 9, Media General announced that its board had unanimously rejected Nexstar’s $16.31-per-share offer. Media General asked Nexstar for more than $18 per share,” the story reports. “The sides have both shown a willingness to compromise, sources said.”

The report quotes sources saying: “The gap has closed and they are getting closer.”

The article notes that Meredith Corp. is also interested in acquiring Media General, and would have a chance to match an offer by Nexstar.

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