CHESTERFIELD COUNTY, Va. — Media General’s months-long courtship is over. The downtown media company announced Wednesday it will be acquired by Texas-based Nexstar Broadcasting Group in a $4.6 billion cash-and-stock deal.
The announcement followed an earlier notice that Iowa-based Meredith Corp., which had previously signed on to merge with Media General, had agreed to terminate that binding contract, clearing the way for the Nexstar deal to go through.
The marriage creates the second-largest major TV network affiliates company in the country, behind Sinclair Broadcast Group, with a combined 171 television stations in 100 markets reaching approximately 39 percent of U.S. TV households. Annual revenues are projected to exceed $2.3 billion.
The combined companies will be headquartered in Nexstar’s home of Irving, Texas, according to a letter to Media General employees. Media General is currently headquartered on East Franklin Street; it’s unclear what presence, if any, the company will have in Richmond going forward or what will become of its downtown building. Media General recently sold one of its other downtown office buildings to VCU.