Media General to negotiate with Nexstar over acquisition

The Media General station group has formally rejected Nexstar Broadcasting’s $4.1 billion acquisition offer, but is set to begin negotiations with its unsolicited suitor, adding heat to the takeover bid that Nexstar initiated in September.

Nexstar's offer was spurred by Media General's plans to merge with magazine publisher Meredith Corp., a deal valued at $3.1 billion.

Nexstar, based in Irving, Texas, owns 107 TV stations reaching 58 markets.

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