DES MOINES, Iowa — The merger agreement between Des Moines-based Meredith Corporation and Media General has been terminated.
Meredith announced Wednesday the two companies had agreed to terminate the binding merger agreement. Meredith will now get $60 million from Media General and has the opportunity, though no assurances on a deal, to negotiate the purchase of some Media General broadcast and digital assets.
The original merger deal was announced in September and would have created the third-largest owner of local TV stations in the country.
Meredith CEO Stephen Lacy said, “Meredith is a strong and growing company with a powerful and diverse media portfolio. We have a successful record of delivering increased Total Shareholder Return, and look forward to enhancing our financial and competitive position with the benefits received.”
Rumors swirled in October that the deal was in trouble, but Meredith spokesperson Art Slusark assured plans for the merger were still being solidified.
The end of the agreement with Meredith makes it possible for Media General to move forward with its merger with Nexstar Broadcasting Group.