Nexstar Proposes To Acquire Media General In $4.1 Bln Deal - Quick Facts

(RTTNews) - Nexstar Broadcasting Group, Inc. (NXST) announced a proposal to acquire Media General, Inc. (MEG) for $10.50 per share in cash and a fixed ratio of 0.0898 Nexstar shares per Media General share. The proposal is currently valued at $14.50 per Media General share, or a total transaction value of $4.1 billion, including assumption of Media General's debt.

Nexstar said its proposal's cash consideration alone is nearly equal to Media General's current share price, which de-risks Media General shareholders' investment. Nexstar believes its proposal is a superior transaction in all respects to your proposed acquisition of Meredith.

Perry Sook, CEO of Nexstar, said, "It is illogical that Media General's Board has refused to engage with us and has instead pursued an ill-conceived and value-destructive acquisition of Meredith that would once again expose Media General shareholders to the risks of the low-margin publishing business. We look forward to engaging in dialog with the financial community regarding the superior merits of our proposed transaction."