Media General bidder calls Meredith deal ‘value-destructive’
Officials from the company that wants to buy Media General Inc. oppose the Virginia company’s offer to buy Meredith Corp., reports DesMoinesRegister.com. In a letter sent to Media General executives, Nexstar Broadcasting Group Inc. Chairman and CEO Perry Sook called the Meredith deal “ill-conceived” and “value-destructive.” Sook also said buying Meredith would expose Media General to the publishing business, an industry the company recently left. Texas-based Nexstar on Monday offered to buy Media General for about $1.85 billion in cash and stock. That offer puts the Meredith deal on hold.
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