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Stock Market & Financial Investment News

News Breaks
March 17, 2014
05:59 EDTGTNGray Television downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded Gray Television citing a more negative regulatory environment as it relates to future and pending mergers and acquisitions. Wells lowered its price target range for shares to $10-$12 from $14-$16.
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April 23, 2015
09:29 EDTGTNGray Television to acquire WAGM-TV for $10.25M
Gray Television announced that it has reached an agreement with NEPSK to acquire WAGM-TV in Presque Isle, Maine, for $10.25M in cash. WAGM-TV's two digital channels are affiliated with the CBS Network and the FOX Network. The transaction purchase price represents a multiple of less than six times a blended average of 2014-2015 anticipated pro forma broadcast cash flow of the station including expected synergies. As such, Gray's acquisition of WAGM-TV will be immediately free cash flow accretive to Gray. Gray expects to finance the transaction with cash on hand. The transaction is subject to receipt of regulatory and other approvals and is expected to close in the third quarter of 2015.

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