Media General's deal to buy Meredith is dead in the water.
The company isn't commenting yet, but after shareholders started opposing the deal, there was no doubt that Media General could not get the votes to make it happen.
So, instead of trying, MG is taking its ball and going home.
For Meredith, this will be the second time it has been left at the altar.
In 2013 Time Inc. canceled a deal to merge its publishing assets with those of the Des Moines, Iowa-based Meredith.
“There is a For Sale sign in Des Moines,” an analyst said, referring to Meredith and its chief executive officer and chairman, Stephen Lacy.
In the coming months, a new suitor will emerge — perhaps Hearst Corporation — that, like Meredith, owns broadcast stations as well as publishing assets, said the analyst, speaking on the condition of anonymity.
Or, the analyst added, perhaps Meredith will spin off its publishing assets as some of its peers have done.
H/T NY Post