New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
December 19, 2013
08:34 EDTNXST, GTNNexstar, Mission Broadcasting to acquire six TV stations for $37.5M
Nexstar Broadcasting Group (NXST) and Mission Broadcasting have entered into definitive agreements to acquire six television stations in two markets for $37.5M, in transactions that are expected to be immediately accretive upon closing. The stations are being acquired from Gray Television Group (GTN) and Excalibur Broadcasting and represent the equity interests of certain subsidiaries of Hoak Media, LLC, and Parker Broadcasting, which Gray and Excalibur previously agreed to purchase from Hoak and Parker, respectively. Under the terms of the agreements, Nexstar will acquire five stations from Gray, and Mission will acquire one station from Excalibur. Nexstar will fund $33.5M of the purchase consideration and Mission will fund the $4M balance. The acquisitions will be funded through internal sources, borrowings under the existing credit facilities and future credit market transactions. Nexstar says "As a result, pro-forma for the completion of all announced and completed transactions, we believe Nexstar will generate free cash flow in excess of $350M during the 2014/2015 cycle, or average pro-forma free cash flow of approximately $5.85 per share per year, in the upcoming two year period." The transactions are subject to Federal Communications Commission approval, the consummation of the Gray-Hoak transaction and other customary closing conditions, and are expected to be completed in the first quarter of 2014.
News For NXST;GTN From The Last 14 Days
Check below for free stories on NXST;GTN the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
April 15, 2014
10:00 EDTNXSTOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
07:32 EDTNXSTNexstar upgraded to Outperform from Neutral at Wedbush
Subscribe for More Information
07:19 EDTNXSTNexstar upgraded to Outperform from Neutral at Wedbush
07:03 EDTNXSTRentrak announces local TV ratings contract expansion with Nexstar
Subscribe for More Information
April 10, 2014
16:19 EDTNXSTSouthpoint Capital reports 5.07% passive stake in Nexstar
Subscribe for More Information
April 9, 2014
12:18 EDTGTN, NXSTOn The Fly: Midday Wrap
Subscribe for More Information
12:00 EDTGTNGray Television rises 14.2%
Gray Television is up 14.2%, or $1.41, to $11.33
10:16 EDTGTNHigh option volume stocks: IMGN GTN RDA AXAS CTSH
10:14 EDTGTN, 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.
10:06 EDTNXST, GTNOn The Fly: Analyst Upgrade Summary
AmSurg (AMSG) upgraded to Buy from Hold at Cantor... CBOE Holdings (CBOE) upgraded to Buy from Neutral at BofA/Merrill... Carlyle Group (CG) upgraded to Outperform from Perform at Oppenheimer... FireEye (FEYE) upgraded to Buy from Hold at Topeka... Fortune Brands (FBHS) upgraded to Outperform from Neutral at Credit Suisse... Gray Television (GTN) upgraded to Outperform from Market Perform at Wells Fargo... Hibbett Sports (HIBB) upgraded to Overweight from Neutral at Piper Jaffray... LinkedIn (LNKD) upgraded to Buy from Hold at Topeka... Mallinckrodt (MNK) upgraded to Buy from Neutral at UBS... NXP Semiconductors (NXPI) upgraded to Strong Buy from Outperform at Raymond James... Nexstar (NXST) upgraded to Outperform from Market Perform at Wells Fargo... Penn National (PENN) upgraded to Overweight from Equalweight at Barclays... Philip Morris (PM) upgraded to Neutral from Reduce at Nomura... SAIC (SAIC) upgraded to Market Perform from Underperform at Wells Fargo... Sinclair Broadcast (SBGI) upgraded to Outperform from Market Perform at Wells Fargo... Yelp (YELP) upgraded to Buy from Fair Value at CRT Capital... Danaher (DHR) upgraded to Strong Buy from Buy at ISI Group... Quanex (NX) upgraded at BB&T... Omnicell (OMCL) upgraded at Craig-Hallum... Volkswagen (VLKAY) upgraded to Outperform from Market Perform at Bernstein... Magna (MGA) upgraded to Neutral from Sell at Citigroup... Actavis (ACT) upgraded to Positive from Neutral at Susquehanna... E-Trade (ETFC) upgraded to Neutral from Underperform at BofA/Merrill... AmerisourceBergen (ABC) upgraded to Outperform from Market Perform at FBR Capital... CONSOL (CNX) upgraded to Outperform from Neutral at Macquarie.
10:00 EDTGTNGray Television rises 14.3%
Subscribe for More Information
09:00 EDTGTNGray Television rises 6.7%
Subscribe for More Information
05:45 EDTNXSTNexstar upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo upgraded Nexstar to Outperform citing its comfort with the regulatory environment and its belief Broadcast TV stocks have limited downside risk. Wells raised its price target range for shares to $50-$52 from $36-$40.
05:44 EDTGTNGray Television upgraded to Outperform from Market Perform at Wells Fargo
Subscribe for More Information

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

I agree to the theflyonthewall.com disclaimer & terms of use