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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
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September 29, 2014
10:35 EDTNXSTFollow-up: Nexstar upgraded to Buy from Hold at Noble Financial
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10:00 EDTNXSTOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Akorn (AKRX) upgraded to Outperform from Sector Perform at RBC Capital... Alexandria Real Estate (ARE) upgraded to Buy from Hold at ISI Group... Baidu (BIDU) upgraded to Buy at UBS... Banner Corp. (BANR) upgraded to Buy from Neutral at DA Davidson... Boston Properties (BXP) upgraded to Buy from Hold at ISI Group... Brocade (BRCD) upgraded to Hold from Sell at Summit Research... Chico's FAS (CHS) upgraded to Outperform from Perform at Oppenheimer... Energy Transfer Partners (ETP) upgraded at Morgan Stanley... Equity One (EQY) upgraded to Buy from Hold at ISI Group... FedEx (FDX) upgraded to Outperform from Market Perform at Cowen... Himax (HIMX) upgraded at Craig-Hallum... Janus Capital (JNS) upgraded at Morgan Stanley... Kilroy Realty (KRC) upgraded to Buy from Hold at ISI Group... LRR Energy (LRE) upgraded to Buy from Hold at Stifel... Nationstar (NSM) upgraded at Sterne Agee... Nexstar (NXST) upgraded to Buy from Hold at Noble Financial... Nike (NKE) upgraded to Outperform from Neutral at Credit Suisse... Pearson (PSO) upgraded to Outperform from Underperform at Macquarie... Philips (PHG) upgraded to Buy from Hold at ING Group... Rent-A-Center (RCII) upgraded at KeyBanc... Rice Energy (RICE) upgraded to Buy from Accumulate at KLR Group... Sonic Automotive (SAH) upgraded to Overweight from Underweight at Morgan Stanley... Tahoe Resources (TAHO) upgraded to Outperform from Market Perform at Raymond James... Tanger Factory (SKT) upgraded to Buy from Hold at ISI Group... Universal Health (UHS) upgraded at BMO Capital... Voya Financial (VOYA) upgraded to Strong Buy from Outperform at Raymond James... Waste Management (WM) upgraded at Wedbush... Yahoo (YHOO) upgraded to Buy from Hold at Needham.
08:27 EDTNXSTNexstar upgraded to Buy from Hold at Noble Financial
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