This is not the reason the stock has moved up. I looked at the 13D and Gabelli's interest actually went DOWN... not up. Gabelli Funds 719,100 shares (down from 752,00), GAMCO 2,677,163 (down from 2,825,480), MJG Associates 4,000 and Teton Advisors 110,000. Net-net, he reduced his position with this filing. By the way, he reduced his position by 450k shares during the second quarter as well. He seems to be a seller, not a buyer, and was probably part of the pressure on the stock during the recent past.
Reasons the stock is up is probably that management did an excellent job at the DB conference laying out prospects for the business, ad growth, digital initiatives, retrans dollars from the JV ($28mm starting in 2013), prospects for sector M&A, recent deals and their implication for sector valuations, and TV spectrum value and initiatives underway.
I also think EMMS saying positive things when they reported about August advertising climate, recovery in auto, etc, may have helped a bit.
This morning Media General is out with numbers and though 3rd quarter not great, talking about broadcast revenue up 9-11% for 4th qtr... that should help as well.
I stand corrected. I was looking at an old data base. My excuse is I have only been home 9 days out of the last 40....been in Peru for 15 days and 16 day cruise right after a short break. Am home for a while now. As someone else stated, TVL is a screaming buy right now IMVHO. I am now at 140,000 TVL shares. At $2 a share, TVL as someone else posted, the company could buy back every single outstanding share in less than 2 years just with free cash flow. Zero bank debt. IMVHO TVL will double from $3 to $6 before BLC goes from $6 to $12 or SBGI from $9 to $18.....we should get news next week on new line of bank credit and hopefully news on extending bond maturities. That was what made SBGI finally take off..........I just read on the plane today that they now expect the 2012 election to exceed $6 BILLION dollars in political advertising compared to just $5 billion in 2008. I would add as I didn't have enough time to previously respond.......that this sector is cheap compared to historicals, fundamentals,debt reduction, cash flow, etc. etc. BLC at $8 a share will look cheap next year IMVHO. I do a lot of research on stocks and am wrong 15-20% of the time I will admit but when I said BLC was a good buy at $8 that means anything less than $8 is a better buy which is why I bought another 10,000 BLC at about $5.08 if memory serves without looking. I bought 50,000 of my most recent TVL purchases at $1.80-$2.18 for an average of about $2 a share. I am heavily invested in this sector and in the last 2-3 weeks by averaging down have seen an increase of over $400K.......still about $200K under water but goes to show how quick it will reverse. I expect to make over $500K on my TVL investment alone. Now is the time to buy not next year when this sector will be in favor again. I am not smart enought to tell you if it will be up or down this week, next week, next month or in six months but historically those that invest in solid, profitable companies have done well in the markets. Gamblers tend to lose regardless of whether market is up or down. They sell too soon and buy too soon. JMVHO. DaninFW