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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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08:22 EDTGCIGannett reports Q3 Broadcasting revenue $416.5M, Q3 Publishing revenue $826.8M
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08:20 EDTGCIGannett reports Q3 non-GAAP EPS 59c, consensus 55c
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