Media General Agrees to Nexstar Talks, Rejects Bid

Bloomberg: Media General’s board agreed to enter into negotiations with Nexstar Broadcasting about an acquisition, though unanimously rejected the company’s previous bid, saying it undervalues the company. Nexstar made an unsolicited $1.85 billion takeover offer in September, trying to scuttle Media General’s $2.4 billion agreement to buy Meredith earlier that month. Media General’s board continues to recommend the deal to buy Meredith.