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NEWM

New Media

$13.22

-0.03 (-0.23%)

06:53
08/09/17
08/09
06:53
08/09/17
06:53

New Media to acquire Morris Publishing Group assets for $120M

New Media Investment Group announced that it has agreed to acquire many of the newspapers and related assets from Morris Publishing Group for $120M. New Media is acquiring many of the Morris portfolio of U.S.-based newspaper assets located across Georgia, Florida, Texas, Kansas, Arkansas, and Alaska. New Media is acquiring 79 publications including all eleven dailies, the largest of which are The Florida Times-Union (44,750 daily circulation and 68,591 Sunday circulation), The Augusta Chronicle (26,862 daily circulation and 31,682 Sunday circulation), and the Savannah Morning News (21,588 daily circulation and 26,048 Sunday circulation). In addition to the print publications, the acquisition includes Morris's Main Street Digital group, substantially all weekly and niche print products and all related websites and digital operations. The purchase price is within New Media's stated acquisition range of 3.5x - 4.5x the seller's LTM As Adjusted EBITDA. The transaction will be funded with cash on the balance sheet. We expect it to be highly accretive to free cash flow with net synergies of $10-15 million. We expect the transaction to close early in the fourth quarter.

NEWM New Media
$13.22

-0.03 (-0.23%)

08/24/16
SBSH
08/24/16
DOWNGRADE
Target $13
SBSH
Sell
New Media downgraded to Sell from Neutral at Citi
Citi analyst Jason Bazinet downgraded New Media to Sell and lowered its price target to $13 from $17. The analyst said New Media bulls see $1B of M&A by year end, further synergies, organic revenues stabilizing in Q4 2017, and a robust, sustainable dividend. However, Bazinet believes the bear case is more likely with no additional M&A, top-line trends that fall short of stable revenues by Q4 2017, and growing investor anxiety about the sustainability of the dividend.
08/24/16
08/24/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Garmin (GRMN) downgraded to Sell from Neutral at Goldman with analyst Simona Jankowski citing valuation and near peak multiple. 2. Express (EXPR) downgraded to Hold from Buy at Deutsche Bank. 3. New Media (NEWM) downgraded to Sell from Neutral at Citi with analyst Jason Bazinet saying New Media bulls see $1B of M&A by year end, further synergies, organic revenues stabilizing in the fourth quarter of 2017, and a robust, sustainable dividend. However, Bazinet believes the bear case is more likely with no additional M&A, top-line trends that fall short of stable revenues by Q4 of 2017, and growing investor anxiety about the sustainability of the dividend. 4. Nordson (NDSN) downgraded to Perform from Outperform at Oppenheimer with analyst Christopher Glynn citing valuation. 5. Westfield Financial (WFD) downgraded to Underperform from Neutral at Macquarie citing disappointing first half 2016 results. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/29/16
BRRR
09/29/16
DOWNGRADE
BRRR
Market Perform
New Media downgraded to Market Perform from Outperform at Barrington
Barrington analyst James Goss downgraded New Media to Market Perform from Outperform, saying that while the company is moving toward improving same-store sales, it will be more than a year before that growth is seen.
05/02/17
SPHN
05/02/17
UPGRADE
SPHN
Overweight
New Media upgraded to Overweight from Equal Weight at Stephens
Stephens analyst Kyle Evans upgraded New Media to Overweight from Equal Weight, citing its double-digit dividend yield.

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