Nexstar Restates Plan To Buy Media General

Nexstar “reiterated its commitment” to buying Media General in a news release Monday in response to Meredith's newest offer to join with Media General in a “merger of equals” (see 1601070043). It "is clear that Media General favors a transaction with Nexstar and shares our commitment to seeing it to fruition,” said Nexstar CEO Perry Sook. Meredith’s proposed deal is “not competitive” with Nexstar's offer, he said. Though Meredith argued it could take months after the incentive auction for a Nexstar/Media General deal to be approved, Sook said the transaction could be approved right after the auction results are announced. “That Meredith sought to change its transaction terms is a clear admission that our proposal is superior,” he said. “We intend to take any steps that may be necessary to allow us to consummate our agreed transaction with Media General.” Meredith and Media General didn't comment.