Starboard Backs Media General-Nexstar Combination; Delivers Letter To CEO

(RTTNews) - Starboard Value LP announced it has delivered a letter to the Chairman of the Board and CEO of Media General, Inc. (MEG), in connection with its evaluation of an unsolicited acquisition proposal from Nexstar to acquire Media General in relation to Media General's currently pending acquisition of Meredith. Starboard said it was frustrated at Media General's significant delay in determining that Nexstar's acquisition proposal could reasonably lead to a superior offer.

"Unless and until Media General fully explores a potential transaction with Nexstar, we do not see how you could even consider asking shareholders to approve either the current Meredith transaction, or any revised Meredith proposal," Starboard said.

Starboard Value LP is a New York-based investment adviser with a focused and fundamental approach to investing in publicly traded U.S. companies.