Nexstar Broadcasting has responded to Media General’s announcement earlier Monday that the company had retained additional financial and legal advisors to assist its board of directors in examining Nexstar’s proposal.
“We hope this action means the Media General Board will conduct an objective and timely evaluation of our clearly superior proposal,” said Perry A. Sook, chairman, president and CEO of Nexstar. “Based on our conversations with many large Media General shareholders, they are highly supportive of our proposed combination of Nexstar and Media General. We hope Media General’s Board will engage with us promptly to enter into a transaction that is in the best interests of our respective shareholders.”
Last week, Nexstar made an unsolicited proposal to buy Media General for $4.1 billion. Media General had announced back on Sept. 8 that it was merging with Meredith.
Earlier on Monday, Media General revealed it had retained Goldman, Sachs & Co. and Weil, Gotshal & Manges LLP to help its board evaluate and consider the Nexstar proposal.