Media General’s $2.4 billion deal to buy Meredith Corporation could be dead, reports the New York Post.
Yesterday, The Post reported two major shareholders were opposing the deal.
On Tuesday, nypost.com broke the news that 7-percent-shareholder Oppenheimer opposed the Meredith deal. Earlier, activist Starboard Capital, a 4.5-percent shareholder, went public saying that it was against the acquisition.
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The deal was facing pressure from Nexstar Broadcasting which offered to buy Media General. Yesterday, Nexstar revealed Media General had retained advisors to counsel its board of directors on the deal.
“Based on our conversations with many large Media General shareholders, they are highly supportive of our proposed combination of Nexstar and Media General,” said Perry Sook, Nexstar chairman and CEO.