It looks like the Meredith/Media General deal is entering some rough waters with shareholders and it may not go through.
A week ago, Media General said they were going to spend $2.4 billion to buy up and merge with the Meredith stations.
They were hoping to have the deal close by the middle of next year.
But, Wells Fargo concludes that shareholders may oppose Media General's $2.4 billion bid for Meredith.
"Investors ... seem both confused and disappointed," the Wells Fargo note says. "According to our conversations, they feel that MEG [Media General] should not be re-entering the publishing space, that the price for MDP [Meredith] is too high, and that the timing is just 'strange.' "
"It sounds to us like top [share]holders of Media General and some at Meredith are planning to vote this deal down...."