Reports have been back and forth over whether Media General’s bid to buy Meredith is still viable.
We noted the New York Post reported a second Media General investor opposed the approximately $3B acquisition on Tuesday.
Now, Media General says in a statement its board “continues to recommend” the Meredith acquisition.
That’s happening as the board is reviewing the subsequent unsolicited $4B bid by Nexstar to buy Media General.
Shares of Nexstar rose 8%, or $3.88 to close at $52.44 on Wednesday. Media General rose 80 cents to close at $14.72 and Meredith rose 54 cents to close at $44.24, according to the RBR+TVBR index.
