New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
May 14, 2014
09:04 EDTGCIGannett agrees to purchase Texas TV stations from London Broadcasting for $215M
Gannett announced that it has entered into an agreement to acquire six of London Broadcasting Company's television stations in Texas for $215M in an all-cash transaction. The acquisition includes KCEN in Waco-Temple-Bryan, KYTX in Tyler-Longview, KIII in Corpus Christi, KBMT and its digital sub-channel KJAC in Beaumont-Port Arthur, KXVA in Abilene-Sweetwater and KIDY in San Angelo. Gannett anticipates the acquisition to be accretive to EPS within the first 12 months. The new stations are expected to generate revenue of approximately $50M in 2014. The transaction is also expected to provide Gannett with certain tax efficiencies following the recent sale of assets associated with KMOV in St. Louis. Including expected synergies and the anticipated tax benefit, the purchase price implies a 6.7x average 2014/2015 EBITDA multiple. The transaction is expected to close this summer, subject to regulatory approvals and customary closing conditions.
News For GCI From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
January 22, 2015
12:40 EDTGCIIcahn says Gannett spun-off company could be 'aggressively sought'
Subscribe for More Information
09:16 EDTGCIOn The Fly: Pre-market Movers
Subscribe for More Information
08:44 EDTGCIGannett: Shareholder interest will remain company's priority
Subscribe for More Information
08:43 EDTGCIGannett says will evaluate Icahn's submission of precatory proposals
Subscribe for More Information
08:43 EDTGCIGannett responds to Icahn actions
Gannett Co. responded to an amended Form 13D filing by Carl Icahn and affiliates, who own approximately 6.6% of Gannett, disclosing nomination of two candidates for election to Gannett’s Board of Directors at Gannett’s 2015 Annual Shareholders’ Meeting. Icahn also disclosed submission of precatory proposals that would require certain corporate governance provisions at Gannett and at the new publishing company that will be formed upon completion of Gannett’s planned separation later this year. Gannett’s Board of Directors will evaluate the submission and make a recommendation to Gannett shareholders in due course. Marge Magner, non-executive chairman of Gannett’s Board, said, “We are surprised by Mr. Icahn’s aggressive actions, including his threat to run a proxy contest to force wholesale changes in Gannett’s corporate governance and dictate the corporate governance of a company whose governance profile has yet to be determined. His overreaching campaign to advance his own agenda will not deter the Board of Gannett from continuing to serve the interests of all of our shareholders. In addition to performing well, Gannett has a strong track record of shareholder engagement and sound corporate governance. As we execute on the separation of our publishing business this year, shareholder interests will remain our priority.” Gracia Martore, president and chief executive officer of Gannett, said, “Gannett is a shareholder-focused company that has consistently delivered strong returns for our owners. Since the launch of our strategic transformation plan three years ago, we have achieved significant revenue growth and margin expansion. During that same period, we have made attractive acquisitions to execute on our announced strategy, our stock price has more than doubled and total shareholder return has exceeded 265%, outpacing the S&P 500 and our peers by a wide margin.” Martore continued, “Our strong and independent Board has been a driving force behind our strategic transformation and our previously announced plan to separate into two publicly traded companies – a plan Mr. Icahn publicly supported following our announcement last summer and continues to support now.”
08:42 EDTGCIGannett says 'surprised' by Icahn's 'agressive' actions
Subscribe for More Information
08:38 EDTGCIIcahn to nominate two to Gannett board, asks for no poison pill
Subscribe for More Information
08:00 EDTGCIIcahn nominates two to Gannett board, CNBC's Faber reports
Subscribe for More Information
January 13, 2015
10:00 EDTGCIOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: American Midstream Partners (AMID) initiated with a Buy at Wunderlich... Ameriprise (AMP) initiated with a Buy at Deutsche Bank... Applied DNA Sciences (APDN) initiated with a Buy at Maxim... Axalta Coating (AXTA) initiated with an Outperform at RW Baird... Bellicum Pharmaceuticals (BLCM) initiated with a Buy at Citigroup... Bonanza Creek (BCEI) initiated with a Hold at Deutsche Bank... ConocoPhillips (COP) initiated with an Underweight at JPMorgan... Core-Mark (CORE) initiated with a Buy at Jefferies... Dick's Sporting (DKS) initiated with an In-Line at Imperial Capital... Dynegy (DYN) reinstated with an Overweight at Barclays... Gannett (GCI) initiated with an Outperform at Wells Fargo... Gran Tierra (GTE) initiated with an Outperformer at CIBC... HomeAway (AWAY) initiated with an Outperform at RBC Capital... Juno Therapeutics (JUNO) initiated with a Neutral at Goldman... MakeMyTrip (MMYT) initiated with a Buy at BofA/Merrill... PDC Energy (PDCE) initiated with a Hold at Deutsche Bank... PNC Financial (PNC) initiated with a Hold at Evercore ISI... Proofpoint (PFPT) initiated with a Buy at Summit Research... Sensata (ST) initiated with a Buy at Stifel... Southcross Energy Partners (SXE) initiated with a Buy at Wunderlich... Suncor (SU) initiated with an Overweight at JPMorgan... U.S. Bancorp (USB) initiated with a Hold at Evercore ISI... United Financial (UBNK) initiated with a Sector Perform at RBC Capital... Vantiv (VNTV) initiated with an Outperform at Keefe Bruyette... Wells Fargo (WFC) initiated with a Hold at Evercore ISI.
05:50 EDTGCIGannett initiated with an Outperform at Wells Fargo
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use