Media General confirmed that it received an unsolicited bid from Nexstar Broadcasting Group to acquire the company.
“Consistent with its fiduciary duties, the Media General board of directors, in consultation with its legal and financial advisors, will carefully review and consider the proposal to determine the course of action that it believes is in the best interests of the company and its shareholders,” Media General said. “Media General shareholders are advised to take no action at this time. Media General will have no further comment on the proposal until the board has completed its review.”
Media General on Sept. 8 reached a merger agreement with Meredith Corporation. Media General said its board continues to recommend the proposed transaction with Meredith.
Nexstar is offering about $4.1 billion for Media General and believes its transaction would form a bigger company with less exposure to the low-margin publishing businesses owned by Meredith.