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On November 16, following opposition to the merger with Meredith by minority shareholders Oppenheimer Holdings and Starboard Capital (primarily because Meredith's magazine properties were included in the deal, which would have re-entered Media General into publishing after it sold its newspapers to BH Media in 2012 to reduce debt) and the rejection of Nexstar's initial offer by company management, Media General agreed to enter into negotiations with Nexstar on a suitable counter deal, while the Meredith merger proposal remained active the two eventually concluded negotiations on January 6, 2016, reaching a merger agreement for valued at $17.14 per share (an evaluation of $4.6 billion, plus the assumption of $2.3 billion debt). However, on September 28, Irving, Texas–based Nexstar Broadcasting Group made an unsolicited cash-and-stock merger offer for Media General, originally valued at $14.50 per share. On September 8, 2015, Media General announced that it would acquire the Des Moines, Iowa-based Meredith Corporation for $2.4 billion with the intention to name the combined group Meredith Media General if the sale were finalized.
On March 21, 2014, Richmond-based Media General announced that it would buy LIN Media in a $1.6 billion deal, described as a "merger." The merger was completed on December 19, at which point WAVY and WVBT came under common ownership with ABC affiliate WRIC-TV in Petersburg (serving the Richmond market). WAVY was the first in the market to broadcast a digital signal in 2001.
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LIN TV purchased that station outright in February 2002. LIN TV came to an affiliation agreement with Fox in November 1995, and WVBT took the affiliation from original Fox affiliate WTVZ (channel 33) in 1998.
Shortly after WVBT became the area's WB affiliate in 1995, WAVY began operating that station though a local marketing agreement (LMA). The Wavy Street studio is located across the street from the Atlantic Union Bank Pavilion and near or across the street from the Elizabeth River. The station previously broadcast from a former farmers market on Middle Street, also in downtown Portsmouth. In April 1989, WAVY-TV moved into its current studio, located on Wavy Street in downtown Portsmouth. In 1968, it became the second television station owned by what was then known as LIN Broadcasting. It originally signed on as an ABC affiliate, but traded network affiliations with NBC affiliate WVEC-TV (channel 13) in 1959 due to its radio sister's long affiliation with NBC radio. It was originally owned by Tidewater Teleradio along with WAVY radio (1350 AM, now WGPL). WAVY-TV, the Hampton Roads area's third-oldest television station, began operations on September 1, 1957.