Meredith Said to Be Close to Dropping Media General Deal
Meredith is said to be close to dropping its merger with Media General.
The action would pave the way for Nexstar to acquire the television owner, sources told Bloomberg.
Meredith is close to signing a termination package that includes a $60M breakup fee, according to the sources.
The package could be announced Wednesday, when Meredith releases its quarterly earnings. It may give Meredith a first right to purchase certain television stations and digital businesses.
We reported Media General agreed to buy Meredith for $2.4B in September. Later, Nexstar offered to buy Media General, and sweetened the deal to some $2.3B. However that can’t move forward until Meredith releases Media General from its original deal.
Meredith had refused to Media General’s attempts to break the agreement several times, insisting it was the better deal for its shareholders, we’ve reported.