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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 15, 2014
10:39 EDTLIN, MEGMedia General renewal with CBS a positive, says Wells Fargo
Wells Fargo views Media General's (MEG) announcement that it has renewed its affiliation agreements with all 12 of its CBS (CBS) stations as a positive that, along with LIN Media's (LIN) prior renewal with CBS, should end investor concerns about additional ''lost affiliations'' for the two. The firm maintains its Outperform rating on Media General.
09:03 EDTMEGCBS and Media General sign deal to renew all affiliation agreements
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September 10, 2014
09:36 EDTMEGMedia General renews ABC affiliation agreement for WJBF-TV
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September 2, 2014
16:03 EDTMEGMedia General acquisition of WHTM-TV, immediately accretive to free cash flow
Media General announced that it has completed its previously announced acquisition of WHTM-TV in Harrisburg, PA, from Sinclair Broadcast Group, effective September 1, for approximately $83.4M in cash. Media General funded the acquisition with an incremental term loan of $75M. “This is an attractive acquisition for us, with a buyer’s multiple of less than 8x. It also is immediately accretive to free cash flow,” said George Mahoney, president and CEO of Media General.

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