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.

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