Currency

Nexstar ‘Committed’ to Buying Media General

Sook says Meredith bid is ‘not competitive’ 1/11/2016 08:47:00 AM Eastern

Continuing the war of words in the battle for Media General, Nexstar Broadcasting says it is committed to complete an acquisition of Media General despite Meredith Corp.’s latest offer. Nexstar called its bid in the best interests of both Media General and Nexstar shareholders.

“We remain fully committed to acquiring Media General and with the support of its Board of Directors and shareholders expect to consummate a transaction expeditiously,” said Perry Sook, CEO of Nexstar. "Despite Meredith Corporation’s attempt to recast its proposed combination with Media General as a merger of equals, it is clear that Media General favors a transaction with Nexstar and shares our commitment to seeing it to fruition. As described by Media General in its most recent S-4 filing, Meredith’s proposed no-premium merger of equals transaction is ‘not competitive with Media General’s proposed transaction construct with Nexstar.’"

Sook said he expected that if Meredith insists on not terminating its agreement with Media General, it will be voted down by Media General Shareholders.

“The fact that Meredith sought to change its transaction terms is a clear admission that our proposal is superior. We intend to take any steps that may be necessary to allow us to consummate our agreed transaction with Media General. We have already reached agreement with Media General on the terms of a transaction, filed a form of merger agreement with the SEC, and have finalized terms with banks ready to provide approximately $4.7 billion in financing in support of the transaction,” Sook said. "We expect to quickly sign a definitive agreement with Media General as soon as Media General shareholders vote down the transaction with Meredith (or earlier if a settlement is reached between Media General and Meredith to terminate their merger agreement).”

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