Nexstar continues pursuit of Media General, says deal superior to Meredith-Media General deal
Local TV broadcaster reports Q3 earnings were up nearly 16 percent as revenue grew 42.6 percent to $224.9 million
The local broadcaster Nexstar today reported its third quarter earnings, reporting record 3Q operating income of $48.3 million, up 15.9 percent from the same quarter a year ago.
Nexstar’s CEO also commented on its proposed merger with Media General – the deal that is holding up the proposed Meredith-Media General deal:
The Nexstar proposal would enable Nexstar and Media General shareholders to participate in the near- and long-term upside of a pure-play broadcasting company with expanded audience reach, a more diversified portfolio, and a significantly stronger financial profile, including substantial free cash flow per share, led by a proven broadcast and digital media management team. Nexstar believes its proposal is a superior offer to the Meredith-Media General transaction and that the market understands how strategically and financially compelling this combination is for the shareholders of both companies.
BofA Merrill Lynch is acting as financial advisor and Kirkland & Ellis LLP is acting as legal counsel to Nexstar in connection with the proposed transaction.