Nexstar Broadcasting is closer to its goal of acquiring Media General.
Sources tell the NewYork Post that both sides are getting closer to reaching an agreement.
We reported Media General had twice rejected Nexstar’s bids. The latest offer was for $16.31 a share or some $2B; Media General had wanted $18 per share, according to the Post.
Before the unsolicited Nexstar bids, Media General had been pursuing a merger with Meredith Corp., which would have four business days to match an offer if MG decides to go with the latest Nexstar bid.
For broadcast television station owners, getting larger is important as cable TV companies are merging. Greater size gives the stations more leverage in negotiating fees for their programming to be carried on cable systems.