In September, Nexstar Broadcasting Group gleefully played party crasher when it tried to scuttle Media General's $2.4 billion merger with Meredith Corp.
Not so fast, Meredith Corp. Three weeks after magazine publisher and TV station owner Media General Inc. announced a $2.4 billion merger, Nexstar Broadcasting Group Inc. has swooped in with an unsolicited offer for Media General.
Media General Inc. announced today that it will buy Meredith Corp., in a cash and stock deal valued at $2.4 billion, which will create the third-largest owner of TV affiliates in the U.S.
Consolidation in the TV business continues unabated, as Media General on Friday announced it has agreed to acquire LIN Media for $1.6 billion.
The retransmission fight between Media General and Dish is now being waged at the Federal Communications Commission.
Dish Network took its retransmission fight with Media General to the Federal Communications Commission, filing a complaint against the broadcaster for not negotiating in good faith. Since Oct. 1, Media General TV stations in 17 markets such as Tampa, Fla., and Raleigh-Durham, N.C., have been blacked out on Dish's systems.
Media companies, in general, want to be able to own lots of other media companies, regardless of whether these companies compete in the same market. But broadcasters and newspaper companies will have to wait for another day to get a hearing before the Supreme Court on media ownership rules, which have been tied up in the lower courts for decades.