On January 27, 2016, after terminating the planned $2.4-billion acquisition of the Des Moines, Iowa-based Meredith Corporation it announced the previous September, Media General announced it had signed an agreement to sell its assets to the Irving-based Nexstar Broadcasting Group – which had a previous $14.50-per-share offer for the group be rejected by Media General two months earlier – for an evaluation of $4.6 billion in cash and stock plus the assumption of $2.3 billion in Media General-held debt. The transaction was approved by the FCC on January 11, 2017; the sale was completed six days later on January 17, at which point the existing Nexstar stations and the former Media General outlets that were not subject to divestiture to address ownership conflicts in certain overlapping markets became part of the renamed Nexstar Media Group. The deal marked Nexstar's re-entry into the Austin market, as the group had previously operated KEYE-TV under a local marketing agreement with Four Points Media Group from 2009 to 2011, concluding after Sinclair Broadcast Group acquired the KEYE and the other Four Points stations; it also resulted in KBVO becoming the fourth Nexstar station to have originated as a part- or full-time satellite station prior to converting into an independently programmed outlet (along with NBC affiliate KNWA-TV in Fort Smith, Arkansas, and MyNetworkTV affiliates WCIX in Champaign, Illinois and KYLE-TV in Bryan).