As expected, Nexstar Broadcasting Group and Media General have reached a deal by which Nexstar will pay $17.14 per share in cash and stock for Merger General.The merger creates a new mega-group with 171 stations in 100 markets serving 39% of TV households. Current Media General shareholders will also be entitled to the proceeds from the sale of any Media General spectrum in the FCC’s incentive auction. The parties have agreed to pay Meredith $60 million to terminate its competing merger agreement with Media General.
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