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Stock Market & Financial Investment News

News Breaks
March 17, 2014
06:03 EDTGTN, LIN, NXST, SBGIBroadcast TV sector downgraded to Market Weight at Wells Fargo
Wells Fargo downgraded the Broadcast TV sector to Market Weight from Overweight and cut Gray Television (GTN), LIN Media (LIN), Nexstar (NXST) and Sinclair Broadcast (SBGI) to Market Perform from Outperform. Wells expects future and pending mergers and acquisitions to be on hold due to a more negative regulatory environment, which it expects to limit share upside.
News For GTN;LIN;NXST;SBGI From The Last 14 Days
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October 30, 2014
17:02 EDTLIN, SBGIDOJ requires divestitures in Media General acquisition of LIN Media
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15:21 EDTLINMedia General agrees to sell stations to settle complaint over LIN Media deal
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15:14 EDTLINU.S. files suit to block proposed LIN Media, Media General merger
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October 23, 2014
07:11 EDTNXSTNexstar to acquire assets of KASW-TV for $68M from Meredith, SagamoreHill
Nexstar Broadcasting Group (NXST) has entered into a definitive agreement to acquire the assets of KASW-TV, the CW affiliate serving the Phoenix, AZ market for $68M plus working capital from Meredith Corporation (MDP) and SagamoreHill of Phoenix, LLC. The proposed acquisition is expected to be accretive to Nexstarís operating results immediately upon closing and inclusive of all other previously announced transactions, will expand the Companyís coverage to 57 markets in 22 states, reaching approximately 19.7 million television households. Nexstar intends to finance the station acquisition through borrowings under its senior credit facilities. The transaction is subject to FCC approval and other customary approvals, and is expected to close in the first quarter of 2015. In the first twelve months following the closing of the transaction, KASW-TV is expected to generate approximately $14M in adjusted broadcast cash flow and is expected to provide free cash flow accretion in the first year of ownership of approximately 30c per share.

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