Nexstar reportedly ready to make new proposal for Media General
The soap opera that is the Meredith-Media General deal will continue into 2016, with unwanted suitor Nexstar ready to make another offer to acquire Media General. According to Bloomberg, Nexstar is prepared to offer $2.2 billion, or about $17.50 a share, for Media General, and is looking to raise $4.5 billion in order to make its acquisition and also payoff its current debt.
But this deal won’t happen right away, as the board of Media General doesn’t meet for another six weeks.
As for Meredith, it stands to get a $60 million break-up fee should its deal with Media General fall though – small potatoes for the companies involved, but a nice boost to quarterly earnings, nonetheless.