Nexstar Broadcasting Group, Inc. (NasdaqGS:NXST) made a proposal to acquire Media General, Inc. (NYSE:MEG) from a group of investors for $1.9 billion in cash and stock on September 28, 2015. As on November 2015, Media General rejected Nexstar bid. On December 9, 2015, Nexstar Broadcasting reached an impasse in its negotiations to acquire Media General, Inc. following the rejection by Media General’s Board of Directors of Nexstar’s revised proposal that is currently valued at $16.31 per Media General share and a fixed exchange ratio of 0.1024 Nexstar shares per Media General share. The revised deal value is $2.14 billion in cash and stock. As on January 7, 2016, Nexstar Broadcasting Group, Inc. agreed on final terms to acquire Media General, Inc. for $2.3 billion in cash and stock. Under the terms of the agreement, Nexstar Broadcasting Group will pay $10.55 as consideration in cash and 0.1249 Nexstar shares per Media General share. The signing of the final agreement is conditional on Media General cancelling its agreed takeover of Meredith Corp. Nexstar’s Board of Directors has the responsibility for selecting the appropriate leadership structure for Nexstar. Nexstar Broadcasting Group, Inc. and Media General, Inc. announced that they have entered into a definitive merger agreement on January 27, 2016. Under the terms of the agreement, Nexstar Broadcasting Group will pay $10.55 as consideration in cash and 0.1249 Nexstar shares per Media General share. Nexstar Broadcasting Group intends to fund the cash consideration (and any required debt refinancing) by accessing the public debt markets. The transaction is not subject to any financing condition and Nexstar has received committed financing for the transaction totaling $4.7 billion from BofA Merrill Lynch, Credit Suisse and Deutsche Bank. As of July 13, 2016, Nexstar Escrow Corporation, a wholly owned subsidiary of Nexstar Broadcasting Group, has priced an offering of $900 million in aggregate principal amount of 5.625% new senior notes due 2024 (the "Notes"). The sale of the notes is expected to be completed on or about July 27, 2016, subject to customary closing conditions. Nexstar Broadcasting intends to use the net proceeds from the proposed offering, together with borrowings under future secured indebtedness, cash proceeds from the divestiture of certain assets and the issuance of new common stock (pursuant to the exchange ratio disclosed at the time of the announcement of the merger agreement), to fund its proposed acquisition of Media General, to repay existing Nexstar credit facilities, to repay existing Media General indebtedness and to pay other fees and expenses related to Nexstar's acquisition of Media General and the related refinancing. On January 13, 2017, Nexstar Broadcasting Group entered into a Contingent Value Rights Agreement with American Stock Transfer & Trust Company in connection with the merger. Nexstar will change its name to Nexstar Media Group, Inc. upon the completion of the transaction. Upon completion Nexstar Chairman, President and Chief Executive Officer, Perry Sook, Executive Vice President and Chief Financial Officer, Thomas Carter and Executive Vice Presidents and Co-Chief Operating Officers Timothy Busch and Brian Jones, will retain those positions at the combined company which will remain headquartered in Irving, Texas. Concurrent with the completion of the transaction, Nexstar’s Board of Directors will be expanded from seven members to nine members as two current members of the Media General board of directors will be appointed to serve as directors of Nexstar. On completion, Media General shareholders will own 34% stake in the combined company. The transaction includes a termination fee of $80 million to be paid by the terminating party. The proposal is subject to the execution and delivery of mutually acceptable definitive agreements, listing of shares, third party approvals, registration statement effectiveness, termination of transaction with Meredith, approval of shareholders of Nexstar and Media General, FCC approval, and the satisfaction of customary closing conditions. The Board of Nexstar AND Media General has reviewed and unanimously approved the transaction. On June 8, 2016, Nexstar Broadcasting and Media General announced that at separate meetings held today their respective shareholders approved the deal. US Department of Justice granted its conditional approval to the acquisition provided that Nexstar divest seven TV stations in six different markets. Two of the stations operate in Lafayette, Louisiana, while the rest are in Green Bay, Wisconsin; Roanoke-Lynchburg, Virginia; Terre Haute and Fort Wayne, Indiana and Quad Cities at the Iowa-Illinois border. The deal is expected to close in the fourth quarter of 2016. The transaction has been approved by Federal antitrust regulators on September 2, 2016. As on January 11, 2017, the transaction was approved by the Federal Communications Commission. Chris Cormier and Daniel Kelly of BofA Merrill Lynch acted as financial advisors and Sarkis Jebejian, Armand Della Monica, David Feirstein, Joshua Korff, John Kupiec and Ashley Gregory of Kirkland & Ellis acted as legal advisors to Nexstar Broadcasting Group. Marcos Torres of RBC Capital Markets acted as financial advisor and Henry Lebowitz, Philip Richter, Jeffrey Bagner, Abigail P. Bomba, Joshua Thomas Coleman, Joshua Wechsler, Bernard (Barry) A. Nigro Jr., Donald P. Carleen, Peter L. Simmons, Michael J. Alter, Howard A. Fine of Fried, Frank, Harris, Shriver & Jacobson, LLP as the legal advisor for Media General. Goldman, Sachs & Co. acted as a financial advisor and Michael Aiello and Sachin Kohli of Weil, Gotshal & Manges LLP acted as a legal advisor to Media General. Joseph Jaffoni and Jennifer Neuman from JCIR, Larry Miller, Jonathan Salzberger and Scott Winter of Innisfree M&A Incorporated and George Sard, Jim Barron, Stephanie Pillersdorf, Jared Levy of Sard Verbinnen & Co acted as PR advisors for Nexstar Broadcasting Group. Jamie Moser and Andi Rose of Joele Frank, Wilkinson Brimmer Katcher acted as PR advisors for Media General, Inc. Dan Burch and Charlie Koons of MacKenzie Partners, Inc. acted as consultants for Media General, Inc. MacKenzie Partners, Inc. acted as information agent for Media General and Innisfree M&A Inc. acted as information agent for Nexstar Broadcasting Group. American Stock Transfer & Trust Company, LLC acted as transfer agent for Nexstar Broadcasting Group. Goldman, Sachs & Co. will receive a fee of $10 million, Merrill Lynch will receive a fee of $16 million and RBC Capital Markets LLC will receive a fee of $17 million. Stephen M. Kotran and David L. Goldin of Sullivan & Cromwell LLP acted as legal advisors for Goldman Sachs. David Carter, John Owen Gwathmey, Doug Boyle and Ian Duffy of Troutman Sanders LLP acted as legal advisor to Media General. Nexstar Broadcasting Group, Inc. (NasdaqGS:NXST) completed the acquisition of Media General, Inc. (NYSE:MEG) from a group of investors on January 17, 2017. Nexstar Broadcasting Group has changed its name to Nexstar Media Group, Inc. and its shares will continue to trade on the NASDAQ Global Select Market under the symbol “NXST.” On closing, Media General became a wholly-owned subsidiary of Nexstar Broadcasting Group. On January 17, 2017, Nexstar Broadcasting, Inc. entered into a credit agreement with Bank of America, N.A pursuant to which Nexstar Broadcasting, Inc. will have a term A loan facility in an aggregate principal amount of $293.9 million, a term B loan facility in an aggregate principal amount of $2.5 billion and a revolving facility in an available aggregate principal amount of $169 million. The proceeds of the term facilities will be used to pay the cash consideration to former Media General stockholders under the merger agreement, to refinance existing indebtedness of Nexstar Broadcasting, Inc. and Media General and to pay transaction expenses. Following the closing, the size of the Board of Directors of Nexstar Broadcasting Group will be increased from seven directors to nine directors and each of Dennis J. FitzSimons and John R. Muse will be appointed to the Board. FitzSimons will hold office as a Class I director until the Company’s 2019 annual meeting of shareholders, and Muse will hold office as a Class II director until the company’s 2017 annual meeting of shareholders, or until a successor of each such director is elected and qualified.