NEW YORK (AP) â€” Nexstar said it is buying rival TV station operator Media General, which operates WIVB, after Meredith agreed to allow Media General to get out of a takeover bid for Meredith.
Media General had offered to buy media company Meredith in September. About two months later, Nexstar offered to buy Media General.
On Wednesday, Meredith said it agreed to allow Media General to get out of the deal. As a result, Media General will have to pay $60 million in cash to Des Moines, Iowa-based Meredith Corp.
Nexstar Broadcasting Group Inc. of Irving, Texas said Wednesday that it will pay about $2.2 billion in a mix of stock and cash for Richmond, Virginia-based Media General Inc.
Nexstar said the deal is worth $4.6 billion when debt is included.
Article complements of WIVB-TV.