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Stock Market & Financial Investment News

News Breaks
February 28, 2013
16:48 EDTSBGISinclair Broadcast announces agreement to purchase Barrington TV stations
Sinclair Broadcast announced that it has entered into a definitive agreement to purchase the broadcast assets of 18 television stations owned by Barrington Broadcasting Group for $370M and entered into agreements to operate or provide sales services to another six stations. The 24 stations are located in 15 markets and reach 3.4% of the U.S. TV households. The transaction is subject to approval by the Federal Communications Commission and antitrust clearance. The company anticipates the transaction will close and fund in Q2, subject to closing conditions. The company expects to finance the purchase price, less $20M in deposits, through a bank loan and/or by accessing the capital markets. "The Barrington stations are an important part of that strategy, providing meaningful scale to the group. Including synergies, we believe the Barrington stations can generate approximately $71M of cash flow, on average. When combined with the COX stations, we expect our expertise and resources to create approximately $29M in synergistic, incremental cash flow, equating to approximately $232M of added equity value or $2.85 per share," said Sinclair CEO David Smith.
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April 16, 2014
16:30 EDTSBGISinclair engages Moelis to sell certain stations related to Allbritton
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April 9, 2014
12:18 EDTSBGIOn The Fly: Midday Wrap
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10:14 EDTSBGILocal 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 EDTSBGIOn 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.
05:45 EDTSBGISinclair Broadcast upgraded to Outperform from Market Perform at Wells Fargo
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