After long months of struggling over who would prevail over the purchase of Media General, Nexstar Broadcasting Group on Thursday proclaimed it would purchase the company for $2.25 billion.

“We are confident that a combined Nexstar / Media General would be strongly positioned for long-term success in a dynamic and consolidating broadcast market,” said Perry Sook, president and CEO of Nexstar in a statement. “Specifically, the combined company would be highly attractive to programmers and advertisers alike, while the anticipated year-one synergies of $76 million and generation of over $500 million of annual free cash flow will enhance long-term shareholder returns.”

Nexstar also noted that it intends to divest the TV stations necessary to obtain FCC regulatory approval of the proposed transaction. In addition, two Media General directors would join the Nexstar Board of Directors at closing.

Media General agreed with this plan, also announcing that shareholders would receive $17.66 per share, plus a portion of the proceeds from the upcoming FCC spectrum options, which the parties estimate will be worth $4.29 per share after tax.

The deal is contingent upon Media General terminating its planned deal with Meredith Corp., but Meredith didn’t seem amenable to that on Thursday. The company said it was amending its agreement to create a so-called “Merger of Equals” with Media General. According to Meredith’s math, it could offer Media General around $20 per share, including future proceeds from spectrum auctions. Meredith’s offer for Media General equalled about $2.34 billion when it was forged last September.

“We’re confident that the combination of Meredith and Media General will generate superior value over both the near- and long-term, particularly when compared to the unsolicited offer Nexstar Broadcasting Group has made for Media General,” said Meredith Chairman and CEO Stephen M. Lacy in a statement. “Given the compelling and superior value inherent in this proposal, we ask that the Media General Board of Directors re-enter serious negotiations around the Merger of Equals structure and its merits.”

In a statement, Media General said it has “made several proposals to Meredith to terminate [the agreement], and to date, Meredith has been unwilling to accept these offers.”

Read more: Fortune, TVNewscheck, Broadcasting & Cable

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