Nexstar is offering $4.1 billion for Media General, including debt, CEO Perry Sook said in a conference call with reporters Monday. Media General, which is in the midst of acquiring Meredith Broadcasting, responded that it would “carefully review and consider” the offer but “take no action at this time.”

Sook noted that Nexstar tried to acquire Media General in August, but that Media General Chairman Stewart Bryan and CEO Vince Sandusky “summarily rejected” the offer on August 10. Two weeks later, they announced a $2.4 billion cash-plus-stock deal to acquire Meredith, which includes TV stations and publishing assets. Shareholders still must approve the Media General-Meredith merger. If it closes, the new company will be worth about $3.1 billion, including debt, reports Variety, and own 88 stations in 54 markets.

“Together, Nexstar and Media General would be the number-two owner of major network affiliates and a pure-play broadcast operator that owns, operates, programs or provides sales and other services to 162 stations in 99 markets, reaching 39% of all U.S. television households,” Sook said.

“We would be an enhanced retransmission partner, have available potential additional spectrum for upcoming auctions and deliver greater opportunities for disciplined expansion in digital media and other complementary operating areas. In addition, we would be able to deliver more quality local programming and content for our collective broadcast and digital operations.”

Sook also noted that a combination of Nexstar and Media General would require the new group to spin off about the same number of TV stations as the pending Media General-Meredith deal, but with less impact to the bottom line because the stations would be in smaller markets.

Read more: TV Newscheck, Variety

Cube photo courtesy of B&C

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