Media General rejects Nexstar bid, but willing to talk
RICHMOND, Va. (AP) — Media General has rejected a nearly $1.9 billion buyout offer from Nexstar Broadcasting Group Inc. but will engage in talks.
Nexstar owns, operates, programs or provides services to more than 100 television stations in 58 markets.
Media General Inc. previously made a $2.4 billion offer for Meredith Corp., which owns television stations and publishes about 20 magazines.
Nexstar's bid has been seen as a way to drive a wedge between Meredith and Media General.
Media General said Monday it believes Nexstar's offer significantly undervalues the company and its prospects. But it said it plans to engage in private negotiations with Nexstar, saying its board determined that it can talk with a third party making an acquisition proposal.
Media General's board continues to support the proposed Meredith deal.