Media General Retains Addl. Financial & Legal Advisors To Evaluate Nexstar Offer

(RTTNews) - Media General Inc. (MEG) announced that its board, in consultation with its legal and financial advisors, is carefully reviewing and considering the unsolicited proposal from Nexstar Broadcasting Group Inc. (NXST), received on September 28, 2015, to determine the course of action that it believes is in the best interests of the Company and its shareholders. The Board will complete its review in due course and will advise shareholders of the outcome of its review at that time.

Media General also noted that it has retained Goldman, Sachs & Co. and Weil, Gotshal & Manges LLP to assist the Board in its evaluation and consideration of the Nexstar proposal. Goldman, Sachs & Co and Weil, Gotshal & Manges LLP will work together with RBC Capital Markets and Fried, Frank, Harris, Shriver & Jacobson LLP who will continue to serve as financial and legal advisors to the Company.

Meanwhile, Nexstar Broadcasting commented on Media General, Inc.'s retention of additional financial and legal advisors to assist Media General's Board of Directors in its evaluation and consideration of the Nexstar proposal.

"We hope this action means the Media General Board will conduct an objective and timely evaluation of our clearly superior proposal....... We hope Media General's Board will engage with us promptly to enter into a transaction that is in the best interests of our respective shareholders," said Perry Sook, Chairman, President and Chief Executive Officer of Nexstar.

On September 28, Nexstar submitted a proposal to acquire Media General for $10.50 per share in cash and a fixed ratio of 0.0898 Nexstar shares per Media General share. The Nexstar proposal is currently valued at $14.87 per Media General share, based on Nexstar's closing share price today of $48.62.

On September 8, 2015, Media General agreed to acquire all of the outstanding common stock of diversified media company Meredith Corp. (MDP) in a cash and stock deal valued at about $2.4 billion or about $3.1 billion, including Meredith's net debt balance of $772 million.

The Board of Directors of Media General continues to recommend the proposed transaction with Meredith.