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Stock Market & Financial Investment News

News Breaks
June 27, 2014
08:16 EDTNXSTNexstar price target raised to $55 from $48 at Wedbush
Wedbush raised its price target for Nexstar Broadcasting to $55 citing the Aereo court victory. The firm also believes Nexstar is benefitting from legal rulings driving a higher mix of political ad spending from non-candidate sources. It keeps an Outperform rating on the stock.
News For NXST From The Last 14 Days
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October 23, 2014
07:11 EDTNXSTNexstar to acquire assets of KASW-TV for $68M from Meredith, SagamoreHill
Nexstar Broadcasting Group (NXST) has entered into a definitive agreement to acquire the assets of KASW-TV, the CW affiliate serving the Phoenix, AZ market for $68M plus working capital from Meredith Corporation (MDP) and SagamoreHill of Phoenix, LLC. The proposed acquisition is expected to be accretive to Nexstarís operating results immediately upon closing and inclusive of all other previously announced transactions, will expand the Companyís coverage to 57 markets in 22 states, reaching approximately 19.7 million television households. Nexstar intends to finance the station acquisition through borrowings under its senior credit facilities. The transaction is subject to FCC approval and other customary approvals, and is expected to close in the first quarter of 2015. In the first twelve months following the closing of the transaction, KASW-TV is expected to generate approximately $14M in adjusted broadcast cash flow and is expected to provide free cash flow accretion in the first year of ownership of approximately 30c per share.

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