Fly News Breaks for May 12, 2017
TRCO, SBGI
May 12, 2017 | 07:12 EDT
After Sinclair (SBGI) announced that it had agreed to buy Tribune Media (TRCO) on May 8 and Tribune's stock fell over 5% since then, Wells Fargo calls Tribune's weakness "completely unwarranted." The firm says that the deal is significantly accretive to Sinclair's free cash flow. It adds that Sinclair is outperforming its peers in advertising ,while its leverage could drop to four times by 2018. Wells keeps an Outperform rating on Sinclair.
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