Some investors are getting really tired of Nexstar's broken promises and they are starting to speak up.
Word is that investors are very concerned about Nexstar/Media General merger and the lack of anything happening.
Nexstar stated from the start, the FCC said no mergers would be approved until after the spectrum auction.
Now the spectrum auction is turning into a bust and might be scrapped.
Nexstar had promised stockholders a share of spectrum proceeds if they accepted their takeover bid. They also were going to use proceeds to pay down massive debt for financing the deal.
But the big money projections are fading...we are now in round 4 of the auction and the FCC may pull the plug because wireless companies aren't hitting minimum target prices.
Remember, this all started when Meredith and Media General announced they would be merging in Spetember of 2015!
Meredith had always said their deal was better and Nexstar jumped in and made huge promises. Meredith was paid $60 million bucks to walk away from the deal.
If Media General would have gone with Meredith, the FCC approval would have been most likely done before last summer and investors would have already been reaping their rewards.
But Nexstar lined up hedge funds and other institutional investors, with promises of greater proceeds and assurances the deal would be approved by the end of the year.
Now , a year into Nexstar bid, there is still no firm date on when FCC will approve the deal, because the Spectrum auction is still in play.
Investors are quickly losing their patience....