US: Second-largest US broadcaster created in $2.25 billion merger deal

Nexstar Broadcasting Group and Media General said on Thursday they had reached a $2.3 billion deal to create the second-largest US broadcaster, in a deal that faces opposition from rival broadcaster Meredith Corp.

US broadcasters have been looking to consolidate to improve their ability to gain scale and attract local ad dollars and fees collected from cable companies, which pay local TV stations to carry their signals.

The announcement marks the end of a more than four-month effort by the Irving, Texas-based Nexstar, led by Chief Executive Perry Sook, to buy Richmond, Virginia-based Media General. It also ends a bid by Media General to buy New York-based Meredith Corp for $2.34 billion.

Full content attached: The Wall Street Journal

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