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Stock Market & Financial Investment News

News Breaks
June 23, 2014
11:03 EDTMEG, SBGISinclair 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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February 8, 2016
13:03 EDTMEGMedia General signs long-term renewal agreement for Nielsen services
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January 28, 2016
10:35 EDTMEGCox Communications: Nextar, Media General merger 'not in the public interest'
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07:45 EDTSBGISinclair Broadcast to hold a conference call
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07:25 EDTMEGMeredith likely to be range bound for a few quarters, says Wells Fargo
After Meredith (MDP) and Media General (MEG) terminated their merger, Wells Fargo expects Meredith's stock to be range bound for a few quarters, since it believes that no M&A deals in the broadcast sector will take place until the spectrum auction is over 6-9 months from now. Wells says that Meredith's magazines business continues to weaken its results, and it keeps a Market Perform rating on the shares.
January 27, 2016
16:41 EDTSBGISinclair Broadcast to acquire Tennis Channel for $350M
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09:43 EDTMEGNexstar & Media General to host joint conference call
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08:48 EDTMEGMeredith and Media General agree to terminate merger agreement
Meredith Corporation (MDP) and Media General (MEG) said they have agreed to terminate immediately the binding merger agreement they entered into on September 8, 2015. In exchange for terminating the merger agreement, Meredith will receive: $60M in cash payable immediately, and an opportunity to negotiate for the purchase of certain broadcast and digital assets currently owned by Media General. There is no assurance that Media General and Meredith will reach agreement with respect to a purchase of any broadcast and digital assets, any such transaction being subject to approval of Nexstar Broadcasting (NXST) under Media General's merger agreement with Nexstar. Meredith Chairman and CEO Stephen Lacy commented, "While we still believe in the strategic and financial benefits a merger with Media General would have created, we are pleased with the financial benefits of the termination agreement and the shareholder value created." Media General CEO Vincent Saduskey said, "We are pleased to have this matter behind us and look forward to working towards completion of our transaction with Nexstar, which we believe is in the best interest of Media General and delivers superior value to our shareholders."
08:48 EDTMEGNexstar enters into definitive agreement to acquire Media General for $4.6B
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08:46 EDTMEGMeredith and Media General agree to terminate merger agreement
08:46 EDTMEGNexstar to acquire Media General for $4.6B
January 26, 2016
11:50 EDTMEGMeredith near deal to end Media General pact, allow Nexstar deal, Bloomberg says
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11:22 EDTMEGMeredith close to allowing Media General, Nexstar deal, Bloomberg reports
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