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Stock Market & Financial Investment News

News Breaks
April 9, 2014
10:14 EDTSBGI, GTN, NXSTLocal TV station owners climb following Wells Fargo upgrades
Share of several companies that own local TV stations are climbing after Wells Fargo upgraded a number of names in the sector in a note to investors earlier today. WHAT'S NEW: After speaking with FCC representatives, Wells Fargo, which had previously been concerned that the agency could torpedo sharing deals, now does not expect the agency to veto sharing deals among TV station owners. Sharing deals refer to the sharing of facilities, employees, ad sales, and programming costs by multiple stations. The FCC's Media Bureau had expressed concern that such deals could prevent station owners from having sufficient incentive to operate stations effectively, trade publication Multichannel News reported last month. Wells had also been concerned that the FCC would look to cancel deals involving the buying and selling of TV stations. However, the firm is no longer worried about this issue following its FCC meetings. Additionally, Wells believes that the shares of TV broadcasters it covers are undervalued. The firm upgraded Sinclair Broadcast (SBGI), Gray Television (GTN), and Nexstar (NXST) to Outperform from Market Perform. Wells increased its price target ranges on Sinclair to $32-$34 from $25-$27, on Gray Television to $13-$15 from $10-$12, and on Nexstar to $50-$52 from $36-$40. PRICE ACTION: In early trading, Nexstar surged 7.8% to $40.24, Gray Television jumped 14% to $11.30, and Sinclair rose 5.4% to $28.85.
News For NXST;GTN;SBGI From The Last 14 Days
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July 1, 2015
17:47 EDTGTNGray Television completes seven transactions including three acquisitions
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17:17 EDTGTNGray Television completes seven transactions including three acquisitions
Gray Television entered into four new transactions and closed all three of its previously announced acquisitions of leading television stations. Gray entered into agreements to acquire WFXS and certain non-license assets of KVTV. Gray entered into an agreement with Cordillera Communications to sell Gray's KBGF, the NBC affiliate for the Great Falls market, and KTVH, the NBC and CW affiliate for the Helena market. Gray has agreed to donate KMTF to Montana State University. Gray also closed all three of its previously announced station transactions: Gray acquired KOSA, affiliated with the CBS and MY Networks, KMVT, affiliated with the CBS and CW Networks, as well as KSVT, affiliated jointly with the FOX and MY Networks, and WAGM, affiliated with the CBS and FOX Networks. The net purchase price for the Wausau and Laredo transactions less the anticipated proceeds from the Montana dispositions is expected to be $20.0M. The Montana dispositions are expected to close in Q3. The purchase price for all seven separate transactions that Gray has announced in 2015 is $81.35M.
June 29, 2015
13:02 EDTSBGISinclair Broadcast, MGM partner on science fiction multi-channel network
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08:01 EDTSBGItornate Company and Sinclair Broadcast announces formation of joint venture
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