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News Breaks
March 21, 2014
10:46 EDTMEG, LIN, NXST, GTNMedia 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
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August 28, 2014
08:49 EDTMEG, LINLIN Media deal removes overhang on Media General, says Wells Fargo
After LIN Media (LIN) and CBS (CBS) signed a long-term affiliation agreement involving ten stations, Wells Fargo thinks the deal removes "a pretty significant overhang" on Media General's (MEG) stock, since most of Media General's affiliation deals with CBS expire in 2015, according to the firm. Wells thinks that Media General will announce a deal shortly.
08:32 EDTLINLIN Media overhang should be removed by deal, says Wells Fargo
After LIN Media (LIN) and CBS (CBS) signed a long-term affiliation agreement involving ten stations, Wells Fargo thinks the deal removes "a pretty significant overhang" on LIN's stock, since most of its affiliation deals with CBS expire on January 1, 2015, according to the firm.
07:32 EDTLINCBS, LIN Media sign deal to renew station affiliation agreements
CBS (CBS) announced a deal with LIN Media (LIN) to renew existing station affiliation agreements for 12 LIN stations in ten markets nationwide.
07:30 EDTLINLIN Media, CBS renew network affiliation agreements in 10 markets
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August 26, 2014
09:50 EDTLINOn The Fly: Analyst Downgrade Summary
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06:06 EDTLINLIN Media downgraded to Equal-Weight from Overweight at Evercore
August 25, 2014
14:51 EDTGTNGray Television renews all Fox affiliation agreements
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10:44 EDTGTNGray Television renewal with CBS removes overhang, says Wells Fargo
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08:31 EDTGTNCBS, Gray Television sign affiliation deal
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August 21, 2014
06:20 EDTMEG, LINCBS seeking bigger share of pay-television revenue from affiliates, WSJ reports
CBS last week stripped an Indianapolis station of its affiliation due to a fee disagreement as it seeks a bigger share of pay-television revenue, reports the Wall Street Journal. The Indianapolis station's owner LIN Media (LIN) was set to be acquired by Media General (MEG) for $1.6B this year, but Media General cut its acquisition price Wednesday by 7%, or more than $100M, with the move from CBS cited as one of the reasons. According to Gabelli & Co., the lack of a CBS affiliation may cost the statio tens of millions of dollars in annual revenue to decline. Reference Link
August 20, 2014
11:22 EDTLIN, MEGSinclair Broadcast agrees to swap TV stations with Media General
Sinclair Broadcast Group (SBGI ) announced that it has entered into a definitive agreement to purchase the broadcast assets of one television station in Providence, RI owned by Media General (MEG), two television stations in Green Bay, WI owned by LIN Media (LIN) and one television station in Savannah, GA owned by WTGS Television and operated by LIN through a shared services arrangement. The three markets represent 1.2% of U.S. television households. Simultaneously, Sinclair will sell Media General the broadcast assets of three stations in two markets upon the completion of the LIN/Media General merger. The company's previously announced sale of WHTM in Harrisburg is expected to close in September. The combination of all stations being sold to Media General represents 1.9% of U.S. television households.In addition and as part of the transactions, Sinclair will pay a net cash price of $31M for an additional $3.4M of cash flow being swapped. In addition, the company expects to generate an additional approximately $2M of synergies on the acquired stations.
11:17 EDTLIN, MEGMedia General, LIN Media announce agreements to divest TV stations in 5 markets
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11:16 EDTMEGMeredith buys broadcast assets of WALA-TV from Media General
Meredith Corporation (MDP) announced a definitive agreement to purchase the broadcast assets of WALA-TV, the Fox affiliate in Mobile, Pensacola from Media General (MEG) for approximately $86M, subjectto certain purchase price adjustments. The transaction will close when Media General's merger with LIN Media LLC and the sale of WALA to Meredith receive final regulatory approval. The acquisition of WALA is not expected to have a material effect on Meredith's 1H15 financial performance. Meredith continues to expect 1Q15 EPS to range from 60c-65c, compared to 53c in the prior-year period.
09:19 EDTMEG, LINMedia General and LIN Media to host joint conference call
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08:46 EDTMEG, LINMedia General, LIN Media announce amendment to merger agreement
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