Media General Drops Deal to Acquire Meredith [Updated]

Anyone else want to buy Meredith? Anyone?

Screen Shot 2015-10-07 at 8.20.36 AMMedia General’s deal to acquire Meredith for $2.4 billion is dead. According to the New York Post, there was not enough shareholder support to seal it.

Oppenheimer—which owns seven percent of Media General—opposed the Meredith deal. As did activist Starboard Capital, which owns a 4.5 percent stake.

Not coincidentally, shareholders backing out of the Meredith deal comes days after Nexstar Broadcasting Group made a lucrative bid to buy Media General.

For Meredith’s part, it now seems just a matter of when, not if, the company is sold. In 2013, Time Inc. came close to acquiring the Iowa-based publisher, but eventually backed out. Which company will step up next?

Update (2:44 pm):
Media General says it still going through with the deal. In a statement, the company claimed its “board of directors continues to recommend the Meredith transaction as it is undertaking its review of the Nexstar proposal.”

Publish date: October 7, 2015 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT