Oppenheimer—which owns seven percent of Media General—opposed the Meredith deal. As did activist Starboard Capital, which owns a 4.5 percent stake.
Not coincidentally, shareholders backing out of the Meredith deal comes days after Nexstar Broadcasting Group made a lucrative bid to buy Media General.
For Meredith’s part, it now seems just a matter of when, not if, the company is sold. In 2013, Time Inc. came close to acquiring the Iowa-based publisher, but eventually backed out. Which company will step up next?
Update (2:44 pm):
Media General says it still going through with the deal. In a statement, the company claimed its “board of directors continues to recommend the Meredith transaction as it is undertaking its review of the Nexstar proposal.”