On January 27, 2016, Nexstar announced that it would acquire Richmond, Virginia-based Media General—which had owned NBC affiliate KWQC-TV since November 2013—for $4.6 billion, in exchange for giving right of first refusal to the Meredith Corporation to acquire any broadcast or digital properties that may be divested (a clause that Meredith did not exercise) as compensation for terminating a concurring acquisition agreement with Media General to accept Nexstar's counterbid. Because of the FCC's "top-four" rule in its duopoly regulations, Nexstar was precluded from acquiring KWQC directly and was required to sell either WHBF (possibly in conjunction with the SSA with KLJB) or KWQC to another company. Nexstar was allowed to keep KGCW, either under its existing duopoly with WHBF or through the formation of a new duopoly with KWQC as that station ranked below the top four ratings threshold.