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Stock Market & Financial Investment News

News Breaks
June 23, 2014
11:03 EDTSBGI, MEGSinclair enters agreements to sell WHTM-TV, WTAT-TV to Media General
Sinclair Broadcast announced that it has entered into an agreement to sell the assets of WHTM-TV in Harrisburg, Pennsylvania to Media General (MG). The company also announced that it entered into an agreement to sell the non-license assets of WTAT-TV in Charleston, South Carolina to Cunningham Communications, which owns the license assets. The stations are being sold for a combined $97.4M sale price, representing an approximate 9.1x multiple of the stations' 2-year average cash flow. The sales are part of Sinclair's larger acquisition of the Allbritton Communications television stations in order to comply with regulatory rules in an effort to obtain approval of the Allbritton transaction by July 27. Sinclair has no option on the stations and will not guarantee the debt of or provide sales services for these stations. Sinclair anticipates it will be able to close on the Allbritton transaction in 3Q14, pending customary approvals and a waiver from the FCC.
News For SBGI;MEG From The Last 14 Days
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August 28, 2014
08:49 EDTMEGLIN Media deal removes overhang on Media General, says Wells Fargo
After LIN Media (LIN) and CBS (CBS) signed a long-term affiliation agreement involving ten stations, Wells Fargo thinks the deal removes "a pretty significant overhang" on Media General's (MEG) stock, since most of Media General's affiliation deals with CBS expire in 2015, according to the firm. Wells thinks that Media General will announce a deal shortly.
August 21, 2014
09:04 EDTSBGISinclair Broadcast announces launch of original programming division
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06:20 EDTMEGCBS seeking bigger share of pay-television revenue from affiliates, WSJ reports
CBS last week stripped an Indianapolis station of its affiliation due to a fee disagreement as it seeks a bigger share of pay-television revenue, reports the Wall Street Journal. The Indianapolis station's owner LIN Media (LIN) was set to be acquired by Media General (MEG) for $1.6B this year, but Media General cut its acquisition price Wednesday by 7%, or more than $100M, with the move from CBS cited as one of the reasons. According to Gabelli & Co., the lack of a CBS affiliation may cost the statio tens of millions of dollars in annual revenue to decline. Reference Link
August 20, 2014
11:22 EDTMEG, SBGISinclair Broadcast agrees to swap TV stations with Media General
Sinclair Broadcast Group (SBGI ) announced that it has entered into a definitive agreement to purchase the broadcast assets of one television station in Providence, RI owned by Media General (MEG), two television stations in Green Bay, WI owned by LIN Media (LIN) and one television station in Savannah, GA owned by WTGS Television and operated by LIN through a shared services arrangement. The three markets represent 1.2% of U.S. television households. Simultaneously, Sinclair will sell Media General the broadcast assets of three stations in two markets upon the completion of the LIN/Media General merger. The company's previously announced sale of WHTM in Harrisburg is expected to close in September. The combination of all stations being sold to Media General represents 1.9% of U.S. television households.In addition and as part of the transactions, Sinclair will pay a net cash price of $31M for an additional $3.4M of cash flow being swapped. In addition, the company expects to generate an additional approximately $2M of synergies on the acquired stations.
11:17 EDTMEGMedia General, LIN Media announce agreements to divest TV stations in 5 markets
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11:16 EDTMEGMeredith buys broadcast assets of WALA-TV from Media General
Meredith Corporation (MDP) announced a definitive agreement to purchase the broadcast assets of WALA-TV, the Fox affiliate in Mobile, Pensacola from Media General (MEG) for approximately $86M, subjectto certain purchase price adjustments. The transaction will close when Media General's merger with LIN Media LLC and the sale of WALA to Meredith receive final regulatory approval. The acquisition of WALA is not expected to have a material effect on Meredith's 1H15 financial performance. Meredith continues to expect 1Q15 EPS to range from 60c-65c, compared to 53c in the prior-year period.
09:19 EDTMEGMedia General and LIN Media to host joint conference call
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08:46 EDTMEGMedia General, LIN Media announce amendment to merger agreement
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