DES MOINES, Iowa -- A spokesperson for Des Moines-based Meredith Corporation says a merger between the company and Media General is still moving forward despite reports of troubles with the deal.
The $2.4 billion deal was announced in September and would create Meredith Media General, the third largest owner of local TV stations in the company. The deal must still be approved by the companies' Boards of Directors, shareholders and the FCC.
The NY Post reports there is not enough Media General shareholder support for the deal to go through, citing two sources close to the situation.
Meredith spokesperson Art Slusark issued a statement Wednesday says despite the media reports about the deal falling through, a merger agreement has been signed and the Board of Directors for both companies support the merger.
Slusark says the companies are continuing to take the steps needed to close the deal in a “timely fashion" and says July of 2016 remains the target date.