Meredith, MG Break Up
Meredith and Media General agreed to terminate their merger agreement.
The action paves the way for Nexstar to acquire the television owner.
As part of the termination agreement, Meredith gets a $60M breakup fee and an opportunity to
purchase certain MG television stations and digital businesses.
Meredith Chairman/CEO Stephen Lacy said “”While we still believe in the strategic and financial benefits a merger with Media General would have created, we are pleased with the financial benefits of the termination agreement and the shareholder value created.” Media General CEO Vincent Sadusky said the company is glad to get “this matter behind us” and looks forward to completing a transaction with Nexstar.
Media General had agreed to buy Meredith for $2.4B in September.