Media General, Nexstar Continue Feuding Over Deals
Media General and unsolicited transaction seeker Nexstar continued their war of news releases over whether Nexstar should acquire Media General in a $4.1 billion deal (see 1509280041">1509280041) or if Media General should stick to its plan to buy Meredith. Media…
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General said its board is "carefully reviewing" Nexstar's proposal to decide what plan to recommend, and will complete its review "in due course." Media General hired Goldman Sachs and Weil Gotshal to help its board consider Nexstar's proposal, it said in a news release Monday. About four hours later, Nexstar in its own release, said it hopes the Media General announcement means it will "conduct an objective and timely evaluation of our clearly superior proposal," in the words of Nexstar CEO Perry Sook. "Based on our conversations with many large Media General shareholders, they are highly supportive of our proposed combination," he said.