46.10 -0.01 (-0.02%)
After hours: 4:17PM EDT
|Bid||46.07 x 4000|
|Ask||46.15 x 900|
|Day's Range||46.05 - 46.12|
|52 Week Range||31.61 - 46.46|
|Beta (3Y Monthly)||0.10|
|PE Ratio (TTM)||9.88|
|Earnings Date||May 8, 2019 - May 13, 2019|
|Forward Dividend & Yield||1.00 (2.17%)|
|1y Target Est||46.25|
Moody's Investors Service ("Moody's") has today changed the outlook on TEGNA Inc.'s ("TEGNA") ratings to negative from stable following the company's announcement that it had entered into a definitive agreement to acquire eleven TV stations that are being divested as part of the Nexstar Broadcasting, Inc. ("Nexstar", B1 stable) acquisition of Tribune Media Company ("Tribune", B1 stable). Concurrently, Moody's has affirmed TEGNA's Ba2 corporate family rating (CFR) and Ba1-PD probability of default rating (PDR) as well as the Ba2 ratings on the company's senior unsecured notes -- including the 2027 unsecured notes issued by Belo Corp. - and the Ba2 rating on the senior unsecured credit facility.
Moody's Investors Service ("Moody's") has downgraded Scripps (E.W.) Company (The)'s ("Scripps") corporate family rating (CFR) to B1 from Ba3 and probability of default rating (PDR) to B1-PD from Ba3-PD. Concurrently, Moody's downgraded the rating on the company's senior secured bank credit facility (which includes the planned incremental term loan to fund the acquisition of Cordillera Communications) to Ba3 from Baa3 and the rating on the senior unsecured notes to B3 from B1.
"This acquisition represents another step in our plan to improve the depth, reach and durability of our broadcast television station portfolio while adding nicely to the company's free cash flow generation,"
The Cincinnati, Ohio-based Scripps said it will pay $505 million for six markets and $75 million for WPIX, the CW affiliate in New York City. Scripps said it plans to finance the acquisition with a mix of term loans and unsecured debt that will raise its total debt to $1.85 billion and leave it with a total leverage ratio net of cash of about five times at closing. In addition, Scripps said it granted Nexstar the option to buy back WPIX in New York City.
Nexstar Media Group said it would shed 19 television stations in 15 markets for $1.32 billion in cash in a bid to help the media company win approval from federal regulators for its acquisition of Tribune ...
Nexstar Media Group is selling 19 television stations to Tegna Inc and E.W. Scripps Co for $1.3 billion to satisfy regulatory demands before it buys Tribune Media Co, it said on Wednesday. The TV station operator will sell 11 stations to Tegna for $740 million and eight to Scripps for $580 million in cash, as part of moves to comply with the U.S. Federal Communications Commission's conditions. Nexstar announced its purchase of peer Tribune for about $4.1 billion in cash in December, a deal that will make it the largest regional U.S. TV station operator.
Nexstar is selling 19 television stations for $1.32 billion as part of its buyout deal with Tribune Media. Nexstar agreed in December to buy Chicago's Tribune Media for about $4 billion. Part of that agreement requires Nexstar to sell certain television stations in order to comply with the FCC local and national television ownership rules and to get FCC and Justice Department approval of the Tribune Media transaction.
Shares of The E.W. Scripps Co. soared 5% in premarket trade Wednesday, after the media company said it is acquiring eight TV stations in seven markets from the Nexstar Media Group Inc. and Tribune Media . Those two companies are selling assets as part of a plan to merge. E.W. Scripps said it will pay $505 million for six markets and $75 million for WPIX, the CW affiliate in New York City. The stations had blended revenue for 2017 to 2018 of $263 million and EBITDA of $56 million. The company is planning to finance the deal with a mix of term loans and unsecured debt, that will raise its total debt to $1.85 billion and leave it with a total leverage ratio net of cash of about 5 times at closing. The company is expecting the deal to expand its presence in Arizona, Florida, Michigan and New York and to add about 769 employees. The company has granted Nexstar the option to buy WPIX back from March 31, 2020 through the end of 2021. E.W. Scripps shares have gained 76% in the last 12 months, while the S&P 500 has gained 4%.
CINCINNATI, March 20, 2019 /PRNewswire/ -- The E.W. Scripps Company (SSP) is acquiring eight television stations in seven markets from the Nexstar Media Group, Inc. (NXST) transaction with Tribune Media (TRCO) as it continues executing its plan to enhance the strength and operating performance of its Local Media portfolio. The acquisition grows the Scripps local television station footprint to 59 stations in 42 markets with a reach of nearly 30 percent of U.S. TV households. It also diversifies Scripps' network affiliations, adding two CBS stations, two Fox stations and four CWs.
Planned Sales Reflects Nexstar’s Comprehensive Regulatory Compliance Plan to Secure Requisite Approvals for Tribune Media Company Transaction
NEW YORK, March 12, 2019 /PRNewswire/ -- Tribune Media Company (the "Company") (TRCO) announced that at a special meeting held today, the stockholders of the Company voted overwhelmingly to approve the Company's previously announced acquisition by Nexstar Media Group, Inc. ("Nexstar"). More than 95 percent of the votes cast by the Company's Class A common stockholders and Class B common stockholders, voting as a single class, entitled to vote at the special meeting, voted to approve the merger, which represents approximately 73 percent of the shares of the Company's Class A common stock and Class B common stock outstanding as of the special meeting record date. The Company will file a Form 8-K disclosing the full voting results.
With recent economic data regarding manufacturing and consumer spending creating ripples in the market, many investors have likely spent the past couple of weeks re-evaluating which areas of the market they should potentially rotate money toward. Whenever this kind of portfolio soul-searching occurs, some of the first places investors look to are defensive sectors like consumer staples. Should investor money flow into the consumer sectors, we can get some sense of which consumer stocks are best-positioned to ride this rebalancing by looking at investment research platform Quantamize’s Balanced U.S. Consumer Q-Folio, a concentrated quantitative portfolio whose components are drawn from stocks within both the consumer discretionary and consumer staples sectors.
NEW YORK, March 06, 2019 -- In new independent research reports released early this morning, Capital Review released its latest key findings for all current investors, traders,.
Tribune terminated the sale of 42 TV stations in 33 markets to Sinclair, which has 192 stations, in August. A month earlier the Federal Communications Commission referred the deal for a hearing, questioning Sinclair's candor over the planned sale of some stations and suggesting Sinclair would effectively retain control over them. The collapse of the deal, which was backed by U.S. President Donald Trump, potentially ended Sinclair's hopes of building a national conservative-leaning TV powerhouse that might have rivaled Twenty-First Century Fox Inc's Fox News.
BALTIMORE , March 5, 2019 /PRNewswire/ -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) notes that the Federal Communications Commission ("FCC") released today the decision of its Administrative ...
February is a sweeps month in the television news biz, and it was a good month in Chicago for both Channel 7 and Channel 9.
on Friday reported better-than-expected fourth-quarter profit thanks to strong advertising revenue, particularly during the U.S. elections in November. The TV station operator said net income for its fourth quarter was $132.8 million, or $1.50 a share, compared to $328.8 million, or $3.72 a share, a year earlier. Analysts surveyed by FactSet had expected fourth-quarter per-share earnings of $1.33 a share.
Co. (TRCO) in the fourth quarter as the company’s results in the year-ago quarter included a $219.8 million income tax benefit. The company reported net income of $132.8 million, down 60% from the comparable quarter a year prior. Tribune Media’s results for the fourth quarter a year prior included a $219.8 million income-tax benefit whereas the results for the most recent fourth quarter included $46 million in income tax expense.
Shares of Tribune Media Co. rallied 1.6% toward a 3 1/2-year high in premarket trade Friday, after the TV station operator reported fourth-quarter adjusted profit and revenue that rose above expectations. The company, which agreed in December to be acquired by Nexstar Media Group Inc. , said net income fell to $132.8 million, or $1.50 a share, from $328.8 million, or $3.72 a share, in the same period a year ago, which included a $256 million tax reform-related benefit. Excluding non-recurring items, adjusted EPS rose to $1.55 from 81 cents, beating the FactSet consensus of $1.37. Revenue rose 18% to $578.7 million, above the FactSet consensus of $577.6 million, as TV and entertainment advertising revenue rose 25% to $406.7 million and political advertising revenue jumped 82% to $99.8 million. The company said it expects to book an $86 million gain in the first quarter from the sale of its 5% stake in the Chicago Cubs baseball team's parent. The stock, which is on track to open at the highest level since August 2015, has climbed 11.5% over the past 12 months through Thursday, while the S&P 500 has gained 4.0%.
NEW YORK , March 1, 2019 /PRNewswire/ -- Tribune Media Company (the "Company") (NYSE: TRCO) today reported its results for the three months and year ended December 31, 2018 . FOURTH QUARTER AND ...
Market watchers will gauge the pulse of the manufacturing sector when the ISM manufacturing data for February is released Friday morning.
Alyson Hannigan Joins the Series as Recurring Guest Star LOS ANGELES , Feb. 28, 2019 /PRNewswire/ -- WGN America is excited to announce that the dramatic saga of Noah Funk's double life will return on ...
"We ended 2018 on a very positive note, beating guidance on all financial metrics," CEO Chris Ripley said.