New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 21, 2014
10:46 EDTLIN, GTN, MEG, NXSTMedia General, LIN Media surge following merger agreement
Shares of Media General (MEG) and LIN Media (LIN) are both higher this morning after Media General announced a deal to buy LIN. WHAT'S NEW: LIN shareholders will receive aggregate consideration valued at $1.6B in a combination of cash and stock, or $27.82 per share. This represents a 28% premium to LIN's trailing 20-day volume weighted average price on March 19. The transaction enterprise value is about $2.6B based on LIN's pro forma net debt balance of $968M at December 31. At closing, LIN Media investors will own 36% of the new holding company, which will be named Media General, while Media General will hold the other 64%. When the deal closes, LIN Media's president and CEO, Vincent Sadusky, will become the new company's president and CEO, while J. Stewart Bryan III will continue on as chairman. Media General says the deal will be immediately accretive on a pro forma free cash flow per share basis and will generate significant cash flow. Benefits of the deal, Media General says, include approximately $70M of annual run-rate synergies within three years after closing and the opportunity, post closing, to continue growing and expanding the company. The agreement provides for a "window-shop" period through April 24, during which LIN will be able to provide certain information to third parties who submit an acquisition inquiry. LIN is also allowed to enter into discussions and negotiations with third parties that submit a superior acquisition proposal and the deal has a termination fee of $26.6M if a separate agreement is reached before May 15. WHAT'S NOTABLE: Media General Chairman Bryan commented that combining the two will create the second largest pure-play TV broadcasting company in the United States. PRICE ACTION: Shares of LIN Media are up 23.36%, or $5.02, to $26.51 in mid-morning trading. Media General is up 6.4%, or $1.11, to $18.45. OTHERS TO WATCH: Shares of television-station owner peer Gray Television (GTN) are up nearly 11%, while Nexstar Broadcasting (NXST) is up almost 10%.
News For MEG;LIN;NXST;GTN From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
February 5, 2016
07:59 EDTNXSTDistribution deal with Cox a clear positive for Nexstar, says Stephens
Subscribe for More Information
February 4, 2016
17:10 EDTNXSTNexstar and Cox Communications reach distribution agreement for 13 stations
Nexstar reached a new distribution agreement with Cox Communications allowing the cable television provider the right to resume carrying Nexstar's network and local community programming. The agreement covers Nexstar's broadcast platform inclusive of 13 network affiliated and local stations in nine markets. Programming on all stations will resume as soon as possible. Specific terms of the agreement are not being disclosed.
February 1, 2016
09:01 EDTGTNGray Television announces Chairman William Mayher III passed away
Gray Television announced that William E. Mayher, III, the Chairman of Board since August 1993, passed away yesterday in Athens, Georgia. Throughout his tenure, Mayher had been an active member of Board of Directors, serving on and chairing virtually every Board committee at various times.
January 31, 2016
14:54 EDTNXSTNexstar 'remains eager' to reach agreement after Cox drops programming
Subscribe for More Information
January 28, 2016
17:20 EDTNXSTNexstar comments on Cox making 'mischaracterizations'
Subscribe for More Information
10:35 EDTNXST, MEGCox Communications: Nextar, Media General merger 'not in the public interest'
Subscribe for More Information
07:25 EDTMEGMeredith likely to be range bound for a few quarters, says Wells Fargo
After Meredith (MDP) and Media General (MEG) terminated their merger, Wells Fargo expects Meredith's stock to be range bound for a few quarters, since it believes that no M&A deals in the broadcast sector will take place until the spectrum auction is over 6-9 months from now. Wells says that Meredith's magazines business continues to weaken its results, and it keeps a Market Perform rating on the shares.
January 27, 2016
16:50 EDTGTNGray Television promotes five senior Vice Presidents to new positions
Gray Television promoted its five Senior Vice Presidents to new positions effective on February 1. Jim Ryan is now Executive VP and CFO. Previously, he served as Senior VP and CFO. Kevin Latek is now Executive VP Chief Legal and Development Officer, while 'previously, he served as Senior VP of Business Affairs. Bob Smith is now Executive VP and Co-COO, when he previously served as Senior VP of Midwest and West regions. Nick Waller is now Executive VP and Co-COO. Previously he served as Senior VP of Mid-Atlantic and South. Jason Effinger is now Executive VP and Chief Digital and Technology Officer. Previously he served as Senior VP for Media and Technology.
09:43 EDTMEG, NXSTNexstar & Media General to host joint conference call
Subscribe for More Information
08:48 EDTMEG, NXSTMeredith and Media General agree to terminate merger agreement
Meredith Corporation (MDP) and Media General (MEG) said they have agreed to terminate immediately the binding merger agreement they entered into on September 8, 2015. In exchange for terminating the merger agreement, Meredith will receive: $60M in cash payable immediately, and an opportunity to negotiate for the purchase of certain broadcast and digital assets currently owned by Media General. There is no assurance that Media General and Meredith will reach agreement with respect to a purchase of any broadcast and digital assets, any such transaction being subject to approval of Nexstar Broadcasting (NXST) under Media General's merger agreement with Nexstar. Meredith Chairman and CEO Stephen Lacy commented, "While we still believe in the strategic and financial benefits a merger with Media General would have created, we are pleased with the financial benefits of the termination agreement and the shareholder value created." Media General CEO Vincent Saduskey said, "We are pleased to have this matter behind us and look forward to working towards completion of our transaction with Nexstar, which we believe is in the best interest of Media General and delivers superior value to our shareholders."
08:48 EDTNXST, MEGNexstar enters into definitive agreement to acquire Media General for $4.6B
Subscribe for More Information
08:46 EDTMEGMeredith and Media General agree to terminate merger agreement
08:46 EDTNXST, MEGNexstar to acquire Media General for $4.6B
January 26, 2016
11:50 EDTNXST, MEGMeredith near deal to end Media General pact, allow Nexstar deal, Bloomberg says
Subscribe for More Information
11:22 EDTMEG, NXSTMeredith close to allowing Media General, Nexstar deal, Bloomberg reports
Subscribe for More Information
January 25, 2016
19:35 EDTNXST, MEGNexstar nearing $2.3B deal for Media General, NY Post says
Nexstar (NXST) is preparing to sign within days a $2.3B agreement to acquire Media General (MEG), reports the New York Post, citing sources. Following its announcement, the deal is expected to be placed on hold because Media General has already agreed to a merger with Meredith (MDP), but Media hopes the deal will pressure Meredith to settle the termination fee related to the agreement, sources told the publication. Reference Link
07:03 EDTNXSTNexstar says Cox subscribers in nine markets may lose programming January 29
Nexstar Broadcasting Group announced that Cox Communications subscribers in nine markets are at risk of losing network and local community programming at 11:59 p.m. local time on January 29, 2016 as Cox has yet to reach a new distribution agreement allowing the cable television provider the right to continue to air Nexstar's highly rated programming. For over five months, Nexstar has been negotiating in good faith to establish a mutually agreeable contract with Cox. Nexstar has established a long-term record of completing hundreds of agreements with cable and satellite providers for the carriage of its programming and is proud it has had no material service interruptions related to distribution agreements since 2005. Nexstar will continue negotiating with Cox to try and reach a fair agreement to allow viewers to continue receiving its programming on an uninterrupted basis. Nexstar is committed to consistently elevating the level of service provided to local communities in the markets it serves across the United States by making meaningful capital investments to expand local news, lifestyle, sports, weather and other programming and enhancing station infrastructure, production resources and technologies. Nexstar regrets that Cox Communications is willing to hold its paying subscribers hostage because it won't agree to fair and reasonable terms for viewers' favorite network, local news and community-focused programming, as well as other critical information and emergency service updates we provide that is relevant to local community viewers. Nexstar remains hopeful that a resolution can be reached before the January 29 deadline, but should Cox fail to come to terms with Nexstar, Nexstar intends to actively educate consumers in affected markets on how they can continue to receive their favorite network programming, in-depth local news, other content and programming relevant to their communities, and critical updates in times of emergencies.

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use