mvcg66b3r 97 Posted October 7, 2015 Share Posted October 7, 2015 Now the New York Post is reporting that Media General has dropped its bid for Meredith due to shareholder opposition. http://nypost.com/2015/10/06/media-general-drops-bid-to-acquire-meredith/ Link to comment Share on other sites More sharing options...
TheRolyPoly 1847 Posted October 7, 2015 Share Posted October 7, 2015 Now the New York Post is reporting that Media General has dropped its bid for Meredith due to shareholder opposition. http://nypost.com/2015/10/06/media-general-drops-bid-to-acquire-meredith/ So basically, stations like KPTV/KPDX, WFSB, WHNS and others will remain owned by Meredith and not merged with Media General, for the foreseeable future. That is until a company like Hearst could take over Meredith, if Meredith wants to continue to sell their assets. Link to comment Share on other sites More sharing options...
Rusty Muck 4225 Posted October 7, 2015 Share Posted October 7, 2015 Now the New York Post is reporting that Media General has dropped its bid for Meredith due to shareholder opposition. http://nypost.com/2015/10/06/media-general-drops-bid-to-acquire-meredith/ And Nexstar is chomping at the bit... Link to comment Share on other sites More sharing options...
mardek1995 200 Posted October 7, 2015 Share Posted October 7, 2015 And Nexstar is chomping at the bit... If that's the case, then Nexstar should really invest more into its stations, including the Media General stations (at least KXAN and KRON will have sister stations in Texas and California) and Hearst should really buy Meredith. This also rules out the possibility of Nexstar buying Griffin or SJL because they're full (at 39%). Link to comment Share on other sites More sharing options...
promoguy98 252 Posted October 7, 2015 Share Posted October 7, 2015 Here's another article on the latest happenings. It's from a shareholder/stock market perspective. http://www.thestreet.com/story/13315456/1/with-meredith-deal-in-danger-media-general-turns-toward-nexstar.html Link to comment Share on other sites More sharing options...
GoldenShine9 1509 Posted October 7, 2015 Share Posted October 7, 2015 It looks like Meredith's magazines were the deal breaker. They would be an expensive shadow at Media General. Link to comment Share on other sites More sharing options...
mardek1995 200 Posted October 7, 2015 Share Posted October 7, 2015 It looks like Meredith's magazines were the deal breaker. They would be an expensive shadow at Media General. Or they could be the deal maker. Link to comment Share on other sites More sharing options...
atlnews2 563 Posted October 7, 2015 Share Posted October 7, 2015 Media General denies that the Meredith deal is dead http://americasmarkets.usatoday.com/2015/10/07/report-media-general-ready-to-walk-away-from-meredith-deal/ http://www.desmoinesregister.com/story/money/business/2015/10/07/report-meredith-media-general-deal-jeopardy/73510926/ Also Media General's biggest biggest shareholder still supports the Meredith deal Link to comment Share on other sites More sharing options...
T.L. Hughes 760 Posted October 7, 2015 Share Posted October 7, 2015 Media General denies that the Meredith deal is dead http://americasmarkets.usatoday.com/2015/10/07/report-media-general-ready-to-walk-away-from-meredith-deal/ http://www.desmoinesregister.com/story/money/business/2015/10/07/report-meredith-media-general-deal-jeopardy/73510926/ Also Media General's biggest biggest shareholder still supports the Meredith deal Note that both MG and Meredith announced their boards have signed a merger agreement. It sounds more like the reports that the deal is dead are speculatory based solely on Starboard and Oppenheimer's opposition. The fact that its largest shareholder and the BoDs of both companies exercise support is proof, but they are still reviewing the Nexstar offer, so MG is still mulling the option. The "Register" article notes that Meredith or Media General would have to pay a $60 million fee should either company terminate the merger per the terms of the agreement. Link to comment Share on other sites More sharing options...
tyrannical bastard 3488 Posted October 8, 2015 Share Posted October 8, 2015 Unless Nexstar can cough up another 60 million dollars to pay Media General's termination fee, this deal could very well move forward. A 60 million dollar blow could be devastating to either company, unless either company decides to sell off assets to pay the balance. In order to purchase the NBC stations being sold, Media General sold off weak and then-far-flung stations like WTVQ and WDEF, as well as WIAT and KIMT (which both later re-joined the company through the LIN merger...WIAT was required because of WVTM) If this comes to be, this would be a perfect time to dump albatrosses like KRON, weaker stations, and those that are worth a lot and / or don't return on their investment. Link to comment Share on other sites More sharing options...
broadcastfan9751 136 Posted October 8, 2015 Share Posted October 8, 2015 It appears that Nexstar's offer does include the break-up fee, according to page four of the investor presentation. Link to comment Share on other sites More sharing options...
Breaking News 805 Posted October 8, 2015 Share Posted October 8, 2015 Here another article of the on going saga of Meredith/Media General/Nexstar from Bloomberg. http://www.bloomberg.com/news/articles/2015-10-07/meredith-deal-said-on-hold-as-media-general-assesses-nexstar-bid Link to comment Share on other sites More sharing options...
oklahomanewsman 210 Posted October 9, 2015 Share Posted October 9, 2015 It appears that Nexstar's offer does include the break-up fee, according to page four of the investor presentation. That just might be the reason the Meredith/Media General merger moves forward Link to comment Share on other sites More sharing options...
promoguy98 252 Posted October 15, 2015 Share Posted October 15, 2015 Media General announced that it has reached an agreement with Meredith Corporation that allows for the mutual exchange of certain non-public information with Nexstar Broadcasting Group, Inc. This agreement will enable both Media General and Nexstar to further evaluate Nexstar’s unsolicited September 28, 2015 proposal to acquire Media General. Accordingly, Media General will seek to enter into a confidentiality agreement with Nexstar and begin the exchange of information as soon as possible. http://mediageneral.com/press/2015/oct14_2015.html Link to comment Share on other sites More sharing options...
Samantha 2878 Posted October 31, 2015 Share Posted October 31, 2015 The saga gets even more convoluted. Minority shareholders have sued Meredith in federal district court, alleging that executives and majority shareholders of the company conspired and had a conflict of interest when planning the MG acquisition. Meredith, for its part, calls the lawsuit "frivolous". Link to comment Share on other sites More sharing options...
oklahomanewsman 210 Posted October 31, 2015 Share Posted October 31, 2015 The saga gets even more convoluted. Minority shareholders have sued Meredith in federal district court, alleging that executives and majority shareholders of the company conspired and had a conflict of interest when planning the MG acquisition. Meredith, for its part, calls the lawsuit "frivolous". Here we go Link to comment Share on other sites More sharing options...
promoguy98 252 Posted November 5, 2015 Share Posted November 5, 2015 From today's Media General earnings call... Vince Sadusky, Media General's president-CEO, tells analysts that his board continues to recommend the Meredith transaction as opposed to Nexstar’s offer. He also says the company plans to participate in the FCC’s spectrum auction, adding: opening bid prices for some of our markets are higher than anticipated." The rest of the story from TVNewsCheck: http://www.tvnewscheck.com/article/89791/media-general-still-likes-meredith-auction Link to comment Share on other sites More sharing options...
oklahomanewsman 210 Posted November 12, 2015 Share Posted November 12, 2015 http://www.reuters.com/article/2015/11/11/media-general-ma-nexstar-broadcst-idUSL3N1361V620151111 hmmmmmmm........ Link to comment Share on other sites More sharing options...
Breaking News 805 Posted November 12, 2015 Share Posted November 12, 2015 http://www.reuters.com/article/2015/11/11/media-general-ma-nexstar-broadcst-idUSL3N1361V620151111 hmmmmmmm........ http://www.adweek.com/tvspy/investor-says-media-general-dragging-its-feet-with-nexstar-offer/158586 smh Link to comment Share on other sites More sharing options...
oklahomanewsman 210 Posted November 12, 2015 Share Posted November 12, 2015 http://www.adweek.com/tvspy/investor-says-media-general-dragging-its-feet-with-nexstar-offer/158586 smh I read on the reuters article that Media General's board is now going to recommend merging with Nexstar instead of Meredith. As I said a couple of months ago what a mess this has turned into and it may become an even bigger mess over the next few days. Be interesting to see if Media General takes Nexstar's offer and what Meredith decides to do? Could they merge with another company (such as Hearst)? Could they remain independent? Lots of options for Meredith but at the same time I do not like the Nexstar-Media General merger at all. Link to comment Share on other sites More sharing options...
oklahomanewsman 210 Posted November 12, 2015 Share Posted November 12, 2015 http://www.wsj.com/articles/starboard-presses-media-general-to-open-negotiations-with-nexstar-1447165306 Looks like Starboard is the cheerleader for a Nexstar/Media General merger. Link to comment Share on other sites More sharing options...
atlnews2 563 Posted November 12, 2015 Share Posted November 12, 2015 Meredith could make an offer to buy MG instead. Link to comment Share on other sites More sharing options...
Samantha 2878 Posted November 12, 2015 Share Posted November 12, 2015 http://www.wsj.com/articles/starboard-presses-media-general-to-open-negotiations-with-nexstar-1447165306 Looks like Starboard is the cheerleader for a Nexstar/Media General merger. You knew this was going to happen as soon as Starboard entered the picture. Link to comment Share on other sites More sharing options...
oklahomanewsman 210 Posted November 12, 2015 Share Posted November 12, 2015 You knew this was going to happen as soon as Starboard entered the picture. Yep Link to comment Share on other sites More sharing options...
promoguy98 252 Posted November 12, 2015 Share Posted November 12, 2015 Two of today's Newsblues headlines say that MG is leaning towards the Nexstar offer AND a decision is expected tomorrow to reject Meredith. Having traded in and out of MG's stock lately, it's been a wild and fun ride. We'll see if Newsblues is right and if a decision comes tomorrow. Link to comment Share on other sites More sharing options...
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