Nexstar said it agreed to acquire Media General for $4.6 billion after Meredith Corp. withdrew its merger transaction with Media General.
Meredith's withdrawal ended a long three-way dance among the parties. Meredith gets a $60 million termination fee and gets to negotiate to purchase some of the broadcast and digital assets now owned by Media General.
Nexstar and Cox Commuications are staring down a Jan. 29 retransmission-consent deadline.
The Nexstar-Media General combination, to be called Nexstar Media Group will have 171 full-power TV stations in 100 markets and reach 39% of U.S. households. It will have $2.3 billion in annual revenues.
"The acquisition of Media General's broadcasting and digital media assets represent a transformational growth opportunity for Nexstar and is strategically and financially compelling," said Perry Sook, CEO of Nexstar. "The transaction increases Nexstar's broadcast portfolio by approximately two thirds with very limited overlap with our existing properties, more than doubles our audience reach, provides entrée to 15 new top-50 DMAs and offers synergies related to the increased scale of the combined digital media operations."
Read more at broadcastingcable.com.