Media General Reaches Deal With Meredith To Examine Nexstar Proposal

Media General and Meredith reached an agreement that will allow Media General to exchange information with Nexstar about the latter’s offer to buy Media General, Media General said in a news release Wednesday. Media General had announced a proposed buy of Meredith, which was followed last month by Nexstar’s announcement of its desire to buy Media General (see 1510060016). The agreement will let Media General “further evaluate” Nexstar’s unsolicited proposal, the release said. Media General’s board continues to endorse the Meredith deal, the release said. "Since we made our proposal, many Media General shareholders have expressed their support for our proposed combination,” said Nexstar CEO Perry Sook in another release. The market has reacted favorably to the Nexstar proposal, Sook said.