Press Release

Kirkland Advised Nexstar on $4.6 Billion Acquisition of Media General

Kirkland & Ellis LLP advised Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) on its agreement to acquire Media General, Inc. (NYSE: MEG) for $4.6 billion. Nexstar will acquire all outstanding shares of Media General for $10.55 per share in cash and 0.1249 of a share of Nexstar Class A common stock for each Media General share. The agreement includes potential additional consideration in the form of a contingent value right entitling Media General shareholders to net cash proceeds as received from the sale of Media General’s spectrum in the Federal Communication Commission’s upcoming Incentive Auction.  Nexstar will change its name to Nexstar Media Group, Inc. upon the completion of the merger agreement. The execution of the definitive agreement between Nexstar and Media General follows the termination of the proposed merger transaction between Meredith Corp. (NYSE: MDP) and Media General. The full release can be found here.

The Kirkland team was led by corporate partners Sarkis Jebejian, David Feirstein, Armand Della Monica and John Kupiec; capital markets partner Josh Korff; and finance partner Ashley Gregory.