Nexstar Broadcasting Group and Media General say both of their respective shareholders have approved Nexstar’s acquisition of Media General. The station group also outlined what its executive office would look like after the merger.
Perry Sook, Nexstar chairman, president and CEO, executive vp and CFO Thomas Carter and evp and Co-COO’s Timothy Busch and Brian Jones will keep their positions at the newly named Nexstar Media Group which will stay in Irving, Texas. Nexstar’s Board of Directors will go from seven members to nine when two of Media General’s board are appointed to Nexstar’s Board.
“Over the last several months we have made continued progress towards the completion of the transaction, including regulatory filings, financing-related rating agency meetings and reviews and recent announcements of planned station divestitures at an aggregate value and multiple consistent with our expectations,” said Sook. “In addition, we are making great progress with our post-acquisition integration facilities and team planning. Based on our work to date, we are highly confident in our expectation that the new Nexstar Media Group will be strongly positioned for consistent long-term success.”
“Today’s vote is an important step toward providing Media General shareholders with substantial and immediate value through the transaction with Nexstar, as well as the opportunity to participate in the significant upside potential of the combined company,” said Vincent L. Sadusky, president and CEO of Media General. “Together with Nexstar, we will deliver comprehensive, integrated and competitive offerings across all markets for the benefit of advertisers, brands and consumers. I look forward to our continued close work with the Nexstar team to realize the significant value of this compelling combination.”