Media General hires more advisers to examine Nexstar hostile offer

• With investors and outside observers starting to favor a hostile offer from Nexstar (NXST +3.3%), Media General (NYSE:MEG) now says it's retaining more independent financial and legal advisers to evaluate the deal.
• It's hired Goldman Sachs and Weil, Gotshal & Manges to look over the offer, in addition to existing counsel.
• The board for now is continuing to recommend a $3.1B merger with Meredith Corp. (MDP -0.2%). Nexstar came in with a $4.1B offer for Media General, about $14.50/share. MEG closed today up 0.7% to $14.02.
• Updated 6:01 p.m.: "We hope this action means the Media General Board will conduct an objective and timely evaluation of our clearly superior proposal," says Nexstar CEO/Chairman Perry Sook.
• Previously: Wells Fargo favoring Nexstar hostile offer for Media General (Oct. 01 2015)
• Previously: Major holder Starboard Value weighs in against Media General/Meredith (Sep. 29 2015)
• Previously: Meredith shares slide 7.3% as Nexstar's Media General bid complicates merger (Sep. 28 2015)
• Previously: Benchmark: No winners so far in Meredith/Media General tie-up (Sep. 14 2015)