Media General's Stock Jumps Following Report Of A Bid From Nexstar Broadcasting

Shares of Media General Inc MEG jumped higher by more than 3 percent on Wednesday following a report by Reuters that the company may be an acquisition target.

Media General is a connected-screen multimedia company that operates around 71 television stations.

According to Reuters, Nexstar Broadcasting Group, Inc. NXST, a television broadcasting and digital media company that focuses on acquisition, development and operation of television stations, is preparing a bid to acquire Media General for around $17.50 per share which would value the deal at over $2 billion.

Reuters cited "two sources familiar with the situation" in its report but added that representatives from both companies declined to comment.

Shares of Nexstar were trading higher by 2.46 percent Wednesday afternoon.