Nexstar Reaches Deal With Media General

Media General agreed to a $4.6 billion purchase offer from Nexstar, said a Nexstar news release Wednesday. The purchase agreement ends a struggle between Nexstar and Meredith over Media General's future, and entitles Media General's shareholders to net cash proceeds from the sale of Media General spectrum in the FCC incentive auction. Meredith will receive a $60 million termination fee under its original agreement with Media General. The new company formed by the deal will be called Nexstar Media Group and will divest some stations in order to receive FCC approval, the news release said. The transaction is expected to close in late Q3 or early Q4, it said.