Nexstar Said to Near Finalizing Media General Proposal

Nexstar Broadcasting Group Inc. will finalize the details of a proposal to acquire Media General Inc. as soon as today, people with knowledge of the matter said, triggering a window for rival Meredith Corp. to say it intends to make a counteroffer.

Nexstar has tapped Bank of America Corp., Deutsche Bank AG and Credit Suisse Group AG to finance the deal, said the people, who asked not to be identified because the information is private. Nexstar plans to raise about $4.5 billion to acquire Media General and refinance existing debt, the people said.