Report: Nexstar Set To Finalize Details Of Proposed Media General Acquisition

According to Bloomberg, Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) will finalize the details of its proposed acquisition of Media General Inc (NYSE: MEG) as soon as Thursday.

Bloomberg, citing "people with knowledge of the matter," reported that Nexstar would pay around $2.2 billion, or $17.50 a share, to acquire Media General.

Nexstar also plans on raising $4.5 billion to finance the acquisition and refinance its existing debt.

The report added that once Nexstar and Media General come to an agreement, Meredith Corporation (NYSE: MDP) will have at least four business days to match the offer, or present an increased bid.