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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.
News For GCI From The Last 14 Days
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October 1, 2014
09:50 EDTGCITribune Media closes sale of 27.8% stake in CV to Gannett
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09:47 EDTGCIA.H. Belo enters new five-year affiliate agreement with CV
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09:22 EDTGCIGraham Holdings closes sale of 16.5% Stake In Cars.com to Gannett
Graham Holdings (GHC) announced that the company and the remaining partners in Classified Ventures have completed the sale of their entire stakes in CV to Gannett (GCI) for a price that values CV at $2.5B. The agreement to sell was announced on August 5. CV was a joint venture among Graham Holdings, A. H. Belo (AHC), Gannett, McClatchy (MNI) and Tribune (TRBAA) Media. Graham Holdings owned 16.5% of CV, whose primary asset is Cars.com, the online car shopping website. Gross proceeds to the selling partners are $1.8B. Total proceeds to Graham Holdings, net of transaction costs, are $408.5M, of which $16.5M will be held in escrow until October 1, 2015. The company will report a gain on the sale of its interest in CV Q4.
09:22 EDTGCIMcClatchy closes sale of 25.6% stake in Cars.com to Gannett
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09:17 EDTGCIGannett completes acquisition of remaining 73% interest in Cars.com
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