Meredith Corporation says the deal to merge with Media General is still on.
TVSpy has learned Meredith told employees in a memo this morning that both boards of directors have approved and signed a merger agreement and it remains “confident in the strategic rationale behind the merger and the shareholder value it will create.” The memo went on to say Meredith is working on closing the deal “in a timely fashion.'”
Media General says it is still looking at the deal proposed by Nexstar but added in a Monday press release, “The Board of Directors of Media General continues to recommend the proposed transaction with Meredith.”
The Post story we based our previous story on was based on shareholder support.