Nextar Makes $1.9 Billion Offer To Buy Media General
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IRVING (AP) - Nexstar Broadcasting is trying to wedge between Media General and Meredith Corp. with a nearly $1.9 billion offer to buy Media General.
Irving, Texas-based Nexstar says it will pay a combination of cash and stock valued at $14.50 for each Media General share. That represents a 30 percent premium to Media General's closing price on Friday.
Nexstar values the deal at $4.1 billion counting debt.
Media General earlier this month made a $2.4 billion offer for Meredith Corp., which owns television stations and publishes about 20 magazines.
Nexstar Broadcasting Group Inc. calls that deal ill-conceived and says Media General's board has refused to talk to Nexstar.
A Media General representative did not immediately return a call seeking comment.
Shares of Media General Inc. are soaring in premarket trading.
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