Deal to buy Meredith complicated by buyout offer

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Media General Inc. has rejected a nearly $1.9 billion buyout offer from Nexstar Broadcasting Group Inc. but agreed to engage in talks to find a deal, according to KCCI.com. Media General previously made a $2.4 billion offer for Meredith Corp. Nexstar’s bid has been seen as a way to drive a wedge between Meredith and Media General. Media General said Monday it believes Nexstar’s offer significantly undervalues the company and its prospects, but it plans to engage in private negotiations with Nexstar, saying its board determined that it can talk with a third party. Media General’s board continues to support the proposed Meredith deal.