After Nexstar (NXST) made a takeover bid for Media General (MEG), Wells Fargo does not expect Media General's proposed takeover of Meredith (MDP) to close "in its current form." The firm says that a merger between Nexstar and Media General would create a pure play broadcaster, versus the broadcaster/publisher hybrid that would be created if Media General merges with Meredith. The Nexstar deal would also create higher synergy potential for Media General shareholders, a larger spectrum footprint, and a reason to vote against the takeover of Meredith, according to Wells. The firm says the $600M breakup fee that Media General would have to pay Meredith if it abandons the deal is "relatively small." The firm cut its price target on Meredith to $40-$45 from $48-$53. It keeps a Market Perform rating on the stock.