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United States

Media General Inc (MEG.N)

MEG.N on New York Stock Exchange

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27 Jul 2016
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Latest Key Developments (Source: Significant Developments)

Nexstar Broadcasting to divest 5 stations for $115 mln
Monday, 13 Jun 2016 09:00am EDT 

Nexstar Broadcasting Group Inc : Aggregate value of station divestitures related to media general transaction approximates $545 million .Nexstar broadcasting enters into definitive agreement to divest five stations in five markets for $115 million.  Full Article

Nexstar, Media General shareholders vote to approve Nexstar's acquisition of Media General
Wednesday, 8 Jun 2016 12:00pm EDT 

Nexstar Broadcasting : Shareholders Elected Lisbeth Mcnabb, C. Thomas Mcmillen To Serve As Class I Directors Until Date Of Nexstar 2019 Annual Meeting .Shareholders Of Nexstar Broadcasting And Media General Vote To Approve Nexstar's Acquisition Of Media General.  Full Article

Media General posts Q1 loss per share $0.20
Friday, 6 May 2016 07:30am EDT 

Media General Inc : Media General Inc announces first quarter 2016 results . Q1 loss per share $0.20 . Q1 revenue rose 16 percent to $343 million . Q1 earnings per share view $0.04 -- Thomson Reuters I/B/E/S . Sees Q2 2016 revenue up 13 to 17 percent . Sees Q2 total net revenues $361 million to $375 million . Q2 revenue view $368.3 million -- Thomson Reuters I/B/E/S .Sees Q2 adjusted EBITDA $102 million to $111 million.  Full Article

Nielsen Holdings PLC and Media General sign long-term, comprehensive renewal agreement for local market measurement
Monday, 8 Feb 2016 01:01pm EST 

Nielsen Holdings PLC:Says reached an agreement with Media General Inc to renew its subscription to Nielsen's local television measurement service.Says long-term renewal agreement provides Nielsen's TV ratings service for all of Media General's owned and operated stations across 48 markets.  Full Article

Nexstar Broadcasting Group enters into definitive agreement to acquire Media General for $4.6 Billion in accretive cash and stock transaction
Wednesday, 27 Jan 2016 08:46am EST 

Nexstar Broadcasting Group Inc:To buy outstanding shares of Media General for $10.55 per share in cash,0.1249 of share of co's class a common stock for a Media General share.Says transaction has been unanimously approved by the boards of directors of both companies.Says completion of the transaction, expected late in the third quarter/early in the fourth quarter of 2016.Has received committed financing for deal totaling $4.7 billion from bofa Merrill Lynch, Credit Suisse, Deutsche Bank.Two Media General directors will join the Nexstar board of directors at deal closing.Says Nexstar intends to divest certain television stations necessary to obtain FCC approval of the proposed transaction.Says Nexstar will change its name to Nexstar media group, inc. upon the completion of the transaction.Media General and co shareholders will hold about 34% and 66%, respectively, of combined company's outstanding shares.Deal expected to more than double revenue and adjusted EBITDA and result in over $500 million of annual free cash flow.Nexstar media group's annual free cash flow per share is expected to exceed $10.50 per year over the 2015/2016 period.Bofa Merrill Lynch is acting as financial advisor and Kirkland & ellis llp is acting as legal counsel to Nexstar.  Full Article

Meredith Corp and Media General agree to terminate merger agreement
Wednesday, 27 Jan 2016 08:45am EST 

Meredith Corp:Says the company and Media General Inc have agreed to terminate immediately the binding merger agreement they entered into on Sept. 8, 2015.In exchange for terminating the merger agreement, Meredith will receive $60 million in cash payable immediately.Meredith will receive an opportunity to negotiate for the purchase of certain broadcast and digital assets currently owned by Media General.  Full Article

Nexstar Broadcasting reaches impasse in negotiations with Media General following rejection of Nexstar's revised offer currently valued at $16.31 per share
Wednesday, 9 Dec 2015 07:00am EST 

Nexstar Broadcasting Group, Inc:Disclosed that it has reached an impasse in its negotiations to acquire Media General, Inc., following the rejection by Media General's Board of Directors of Nexstar's revised proposal that is currently valued at $16.31 per Media General share, based on Nexstar's closing share price on Dec 8.Nexstar's revised proposal consists of $11.00 per share in cash and a fixed exchange ratio of 0.1024 Nexstar shares per Media General share.  Full Article

Media General to engage in negotiations with Nexstar
Monday, 16 Nov 2015 08:00am EST 

Media General Inc :To engage in negotiations with Nexstar.Says unanimously determined to engage in negotiations with Nexstar Broadcasting Group Inc.Says Media General also informed Nexstar that its board unanimously rejected the proposal.Says board of directors of Media General continues to recommend the proposed transaction with Meredith.Says Media General and its advisors intend to engage in private negotiations with Nexstar.Negotiations with Nexstar Broadcasting regarding proposal from Nexstar to acquire all of stock of Media General in cash and stock.  Full Article

Nexstar Broadcasting Group proposes to acquire Media General for $14.50 per share in accretive cash and stock transaction valued at $4.1 bln
Monday, 28 Sep 2015 06:45am EDT 

Nexstar Broadcasting Group Inc:Proposes to acquire Media General for $14.50 per share in accretive cash and stock transaction valued at $4.1 bln.Says proposal to acquire Media General Inc for $10.50 per share in cash and a fixed ratio of 0.0898 Nexstar shares per Media General share.Says proposal, currently valued at $14.50 per Media General share, was submitted on Sept. 28, in a letter to Media General board.  Full Article

Media General Inc gives FY 2015 net revenue guidance
Friday, 7 Aug 2015 08:00am EDT 

Media General Inc:Sees FY 2015 total net revenues $1,307 mln to $1,328 mln.  Full Article

BRIEF-Nexstar, Media General shareholders vote to approve Nexstar's acquisition of Media General

* Shareholders Elected Lisbeth Mcnabb, C. Thomas Mcmillen To Serve As Class I Directors Until Date Of Nexstar 2019 Annual Meeting