New User:

Forgot your password?

Stock Market & Financial Investment News

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
Sign up for a free trial to see the rest of the stories you've been missing.
October 30, 2014
17:02 EDTLIN, MEGDOJ requires divestitures in Media General acquisition of LIN Media
Subscribe for More Information
15:21 EDTLIN, MEGMedia General agrees to sell stations to settle complaint over LIN Media deal
Subscribe for More Information
15:14 EDTLIN, MEGU.S. files suit to block proposed LIN Media, Media General merger
Reference Link
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.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use