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Nexstar bids for Media General


TheRob

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What?? Media General and Nexstar is far from "Official" right now.

 

Quote from Media General's SEC filing this past Thursday:

"I want to emphasize that we have not signed a definitive agreement with Nexstar and cannot do so unless and until our agreement with Meredith has been terminated. If Meredith does not agree to terminate our agreement, we intend to hold a shareholder meeting as soon as possible during which our shareholders will vote on the Meredith transaction. If the Meredith transaction is not approved by our shareholders at that meeting, we are permitted to terminate our agreement with Meredith and enter into a merger agreement with Nexstar. As of now, our Board continues to recommend the proposed transaction with Meredith."

-Vincent Sadusky, President and CEO, Media General

 

The press release you linked to was also filed with the SEC and contains language almost identical to the quote above.

 

All they really did was agree to the framework of a deal that they can proceed with if the merger with Meredith falls through. Part of that is a result of the FCC's "quiet period" that is coming up. If they didn't hammer out an agreement with Nexstar prior to the "quiet period" they would have been stuck waiting until the conclusion of the auction to resume negotiations. Now if the Meredith deal falls through they have agreement with Nexstar they can execute should they chose to do so.

  • 2 weeks later...

J. Stewart Bryan III, current Media General Chairman and the former CEO, passed away Saturday. Not sure how this will factor into the ownership battle for the company between Nexstar and Meredith.

 

Story from the Richmond Times-Dispatch

http://www.richmond.com/business/article_e454b2e6-a65e-5936-8e69-e6895ab1b914.html

 

As a courtesy to others and considering the potential implications of this, I posted the same info under the catch-all "Out and About" thread.

So for reminders Nexstar and Media General have conflicts in the following markets:

 

Roanoke

Quad Cities

Green Bay

Lafayette

Terre Haute

Fort Wayne

 

 

What stations would be divested is anyone's guess. If this deal does go through (still holding out hope that it doesn't) I can only hope that Standard General gets a large stake in the new company and that Soohyung Kim pushes for a major culture / business change

What stations would be divested is anyone's guess. If this deal does go through (still holding out hope that it doesn't) I can only hope that Standard General gets a large stake in the new company and that Soohyung Kim pushes for a major culture / business change

 

...including the design and naming of their station websites, I'm hoping.

Adding onto what TheRob just posted, see link. The MG/Nexstar deal is ON.

http://www.mediageneral.com/press/2016/jan27_2016nexs.html

 

May be time for some to brush up the ol' resume.

 

NEXSTAR BROADCASTING GROUP ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE MEDIA GENERAL FOR $4.6 BILLION IN ACCRETIVE CASH AND STOCK TRANSACTION

 

Combined Company, To Be Named Nexstar Media Group, Will Be a Leading, Diversified Local Marketing and Content Platform with Strong Financial and Growth Profile

 

 

My deepest sympathies to everyone at Media General. They weren't a perfect company, and they may have made some stupid moves along the way, but Nexstar is about to take this company and its stations into the toilet.

You have to wonder what Vincent Sandusky and the other former LIN people who have been running MG are thinking right now. Are they all supportive of this?

 

And just how many stations will the "new" Nexstar have after this merger? More than Sinclair?

You have to wonder what Vincent Sandusky and the other former LIN people who have been running MG are thinking right now. Are they all supportive of this?

 

And just how many stations will the "new" Nexstar have after this merger? More than Sinclair?

 

171. Need to get rid of 6.

The folks at WALA are likely breathing a sigh of relief that they're NOT going to be sold AGAIN!

 

Meredith might get the first say on the conflicts but none are in top-50 markets. Gray is in only one of the conflict markets though?

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