Deals
Media General Board Said Near Endorsing Nexstar's Prospects
- Nexstar and Media General said to begin negotiations Monday
- Decision means that Nexstar could make a superior offer
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Media General Inc.’s board is leaning toward deciding that Nexstar Broadcasting Inc.’s acquisition offer is reasonably likely to be better for shareholders than its existing agreement to buy Meredith Corp., people with knowledge of the matter said, putting the Meredith deal in jeopardy.
Media General is having a board meeting on Friday to discuss the matter, said two of the people, who asked not to be identified because the information is private. On the recommendation of advisers, Media General is prepared to declare that Nexstar has a reasonable chance of submitting a superior offer after negotiations, they said. Talks to that end could begin as soon as Monday, the people said. Media General operates TV stations across the U.S.