In September, Nexstar Broadcasting Group gleefully played party crasher when it tried to scuttle Media General's $2.4 billion merger with Meredith Corp. by making an unsolicited $4.1 billion offer for the former. But today Nexstar lost a bit of swagger, announcing it has "reached an impasse" in its negotiations with the Richmond, Va.-based media company.
Media General's board of directors rejected Nexstar's revised proposal, valued at $16.31 per Media General share, up from its initial $14.50-per-share
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in