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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.
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July 22, 2014
08:47 EDTGCIGannett reports Q2 Broadcasting revenue $398.3M
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08:45 EDTGCIGannett reports Q2 adjusted EPS 67c, consensus 64c
Reports Q2 revenue $1.46B, consensus $1.48B
July 10, 2014
11:55 EDTGCISigns show Sinclair Broadcast near closing Albritton deal, says Wells Fargo
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