Nexstar Close To Acquiring Media General For More Than $2 Billion

Shares of Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) were higher by nearly 1 percent at $56.57 Wednesday morning after the New York Post reported that the company is close to acquiring rival Media General Inc (NYSE: MEG).

The New York Post noted that Nexstar is prepared to offer more than $2 billion to acquire Media General.

Media General rejected Nexstar's $16.31 per share offer in early December and asked for more than $18 per share.

"The gap has closed and they are getting closer," two sources close to the situation told the New York Post on Tuesday.

Shares of Media General were trading higher by 1.61 percent at $15.75 shortly after Wednesday's opening bell.