The drama between Nexstar, Meredith and Media General is officially over. Nexstar has agreed to purchase Media General for $4.6 billion in cash and stock. The new, combined company will be called Nexstar Media Group.
Last September a deal between Meredith and Media General was almost completed, but Nexstar stepped in with a sweeter proposal. Don’t feel too bad for Meredith though, it is getting a $60 million termination fee from Nexstar.
The transaction—which is expected to close by the end of the year—was unanimously approved by the boards of directors of both companies.
Perry Sook, Nexstar’s chairman, president and CEO, described the deal as “strategically and financially compelling.” Sounds about right.