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Stock Market & Financial Investment News

News Breaks
December 19, 2013
08:34 EDTGTN, NXSTNexstar, 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
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April 15, 2014
10:00 EDTNXSTOn The Fly: Analyst Upgrade Summary
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07:32 EDTNXSTNexstar upgraded to Outperform from Neutral at Wedbush
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07:19 EDTNXSTNexstar upgraded to Outperform from Neutral at Wedbush
07:03 EDTNXSTRentrak announces local TV ratings contract expansion with Nexstar
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April 10, 2014
16:19 EDTNXSTSouthpoint Capital reports 5.07% passive stake in Nexstar
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