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TGNA

Tegna

$10.91

0.19 (1.77%)

, CBS

CBS

$53.57

0.35 (0.66%)

17:21
08/20/18
08/20
17:21
08/20/18
17:21

Tegna acquires WTOL, KWES TV stations from Gray Television

Tegna (TGNA) announced the company has entered into a definitive agreement with Gray Television (GTN) to acquire local stations WTOL, the CBS (CBS) affiliate in Toledo, Ohio and KWES, the NBC affiliate in Odessa-Midland, Texas for $105M in cash. In June, Gray and Raycom Media jointly announced they entered into an agreement to combine their companies. As part of that agreement, Gray announced they would be divesting WTOL and KWES from their portfolio. Tenga's agreement to acquire WTOL and KWES is contingent on the close of the Gray-Raycom merger, expected to take place in Q4. It is also subject to customary regulatory approvals and closing conditions. The transaction, structured as an asset purchase, represents a purchase price multiple of 5 times expected average 2017/2018 EBITDA, including run rate synergies and net present value tax savings in the high-teen millions. Tegna expects the transaction to be accretive to EPS in less than a year after close and immediately accretive to free cash flow. Tegna will finance the transaction through the use of available cash and borrowing under its existing credit facility. The transaction will have no material impact on Tegna's leverage. WTOL reaches nearly 380,000 TV households throughout Northwest Ohio and Southeast Michigan, two battleground political states. The station will join Tegna's WKYC, the NBC affiliate in Cleveland, in serving Ohio audiences and advertisers. The acquisition of KWES, which covers West Texas, will further deepen TEGNA's presence in the state of Texas. With the addition of KWES, TEGNA will own 12 stations in Texas, covering 87% of the state.

TGNA

Tegna

$10.91

0.19 (1.77%)

CBS

CBS

$53.57

0.35 (0.66%)

GTN

Gray Television

$16.80

-0.1 (-0.59%)

  • 05

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    Sep

TGNA Tegna
$10.91

0.19 (1.77%)

04/25/18
04/25/18
UPGRADE
Target $14

Overweight
Tegna upgraded to Overweight on expectations for improved sentiment at Stephens
As previously reported, Stephens analyst Kyle Evans upgraded Tegna (TGNA) to Overweight from Equal Weight, noting that the stock has been under "extreme pressure" since January, which has pushed its valuation to near a 5-year low and roughly in-line with affiliate broadcasting peers Nexstar (NXST), Sinclair Broadcast (SBGI) and Gray Television (GTN). He expects Sinclair's deal with Tribune Media (TRCO) to close in the July/August time frame, which, along with political ad spending should improve investor sentiment in the second half, Evans tells investors. He maintains a $14 price target on Tegna shares.
07/31/18
EVER
07/31/18
INITIATION
Target $14
EVER
In Line
Tegna initiated with an In Line at Evercore ISI
Evercore ISI analyst David Joyce initiated Tegna with an In Line and $14 price target.
07/27/18
SPHN
07/27/18
NO CHANGE
SPHN
Reported DOJ investigation likely to pressure broadcaster stocks, says Stephens
After The Wall Street Journal reported yesterday that the Department of Justice is investigating whether TV station owners violated antitrust law in ways that inflated local ad prices, Stephens analyst Kyle Evans said that the negative news is likely to further pressure a group that he sees being "hard to own in any quarter." Evans added that, in his view, any miss within the group seems to drag them all down. Publicly traded broadcasters include Sinclair (SBGI), Tribune Media (TRCO), Gray Television (GTN), Nexstar (NXST) and Tegna (TGNA).
07/27/18
WELS
07/27/18
NO CHANGE
WELS
DOJ broadcast investigation unlikely to be material, says Wells Fargo
Wells Fargo analyst Marci Ryvicker says her conversions with industry contacts indicate the Department of Justice investigation into various television groups for alleged ad-rate collusion is unlikely to be material. The investigation likely stemmed from the DOJ's review of the Sinclair Broadcast (SBGI), Tribune Media merger, Ryvicker tells investors in a research note. She believes high levels of conversations about business likely drove the investigation and that it will be tough to prove that this lead to price fixing.
CBS CBS
$53.57

0.35 (0.66%)

08/07/18
ARGS
08/07/18
DOWNGRADE
ARGS
Hold
CBS downgraded to Hold at Argus
As reported earlier, Argus analyst Joseph Bonner downgraded CBS (CBS) to Hold, noting significant downside risks for the company from both the sexual harassment allegations against CEO Moonves and the board's attempts to prevent the Viacom (VIAB) merger. Bonner notes that if the Moonves allegations are proven true, he would be immediately dismissed, which could end the board's bid to remain independent and thereby inflict damage on the shareholders. As part of his research note discussing the "mounting risks", Bonner also lowers his CBS FY18 EPS estimate to $5.25 from $5.29.
08/07/18
08/07/18
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. Zillow (Z, ZG) downgraded to Neutral from Buy at BofA/Merrill with analyst Nat Schindler saying the quarter indicated Zillow is taking longer than expected to ramp up the Homes business, Rentals revenue missed and the outlook cut, and other revenue also missed, indicating new construction opportunity is also taking longer to materialize. 2. CBS (CBS) downgraded to Hold from Buy at Argus with analyst Joseph Bonner citing significant downside risks for the company from both the sexual harassment allegations against CEO Moonves and the board's attempts to prevent the Viacom (VIAB) merger. 3. Extraction Oil & Gas (XOG) downgraded to Neutral from Outperform at Macquarie with analyst Paul Grigel citing increased risk from Colorado Initiative 97. 4. Wynn Resorts (WYNN) downgraded to Hold from Buy at Argus with analyst John Staszak citing its Q2 earnings miss, saying the gross gaming revenue in Macau has now missed consensus forecasts for the months of June and July. 5. Dentsply Sirona (XRAY) downgraded to Neutral from Outperform at Baird. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/18
08/07/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. BOFA CUTS ZILLOW TO NEUTRAL: BofA Merrill Lynch analyst Nat Schindler downgraded Zillow (Z, ZG) to Neutral from Buy and cut its price target to $60 from $70 following the Q2 report and reduction in guidance. Schindler said the quarter indicated Zillow is taking longer than expected to ramp up the Homes business, Rentals revenue missed and the outlook was cut, and other revenue also missed, indicating the new construction opportunity is also taking longer to materialize. Zillow Class A shares are down about 17% in late morning trading. MORGAN STANLEY SAYS WAYMO COULD BE WORTH $175B: Morgan Stanley analyst Brian Nowak increased his enterprise value estimate for Alphabet's (GOOG, GOOGL) Waymo unit from $75B for ride sharing only to $175B given his analyses for two other emerging business models, logistics and licensing. He believes Waymo remains on track to launch an autonomous ride hailing service in Phoenix this year and believes this business could be worth about $80B over the long-term. Given his view of Waymo being a key part of Alphabet's long-term value, Nowak raised his sum of the parts valuation to $1,550 from $1,400. He has an Overweight rating and $1,325 price target on Alphabet shares. GOLDMAN RAISES NVIDIA TARGET AHEAD OF EARNINGS: Goldman Sachs analyst Toshiya Hari raised his price target for Nvidia (NVDA) to $324 from $310 ahead of quarterly results. Unlike the past 10 quarters where the company handily beat Street estimates and raised guidance, the analyst expects a "noisy" quarter with the focal points being the upcoming product transition in Gaming, the current product transition in Datacenter, weakness in cryptocurrency mining, and potential disruption from the virus attack at TSMC (TSM). That said, Hari noted that his long-term bull thesis on Nvidia remains intact and reiterated a Buy rating on the shares. ARGUS CUTS CBS TO HOLD: Argus analyst Joseph Bonner downgraded CBS (CBS) to Hold from Buy, noting significant downside risks for the company from both the sexual harassment allegations against CEO Moonves and the board's attempts to prevent the Viacom (VIA, VIAB) merger. Bonner noted that if the Moonves allegations are proven true, he would be immediately dismissed, which could end the board's bid to remain independent and thereby inflict damage on the shareholders.
08/09/18
IMPC
08/09/18
NO CHANGE
IMPC
Imperial keeps Underperform rating on Viacom with $25 target
Viacom (VIAB) in Q3 missed on revenue due to a 3% decline in domestic affiliate fees and 3% decline in U.S. advertising, but earnings beat on "very nice cost containment," Imperial Capital analyst David Miller tells investors in a research note. The analyst keeps an Underperform rating on the shares with a $25 price target. The analyst has a "tough time" applying anything north of a 6.0 times enterprise value to EBITDA multiple on fiscal 2019, which a implies $25 per share, given Viacom's lack of appointment programming, lack of sports, and lack of any franchise presence in film with the exception of Mission Impossible and Transformers. Miller admits, though, that an acquisition of Viacom by CBS (CBS) could prove his call wrong.
GTN Gray Television
$16.80

-0.1 (-0.59%)

06/26/18
BNCH
06/26/18
NO CHANGE
Target $26
BNCH
Buy
Gray Television price target raised to $26 after Raycom deal at Benchmark
Benchmark analyst Daniel Kurnos raised his price target on Gray Television to $26 from $20 after the company agreed to acquire private broadcaster Raycom, stating that the deal will increase Gray's national reach to 24% and effectively eliminate the one major criticism of the otherwise strong operator. He understands the heavier debt load may give some investors pause, but Kurnos believes the positives appear to "vastly outweigh" the risks, he tells investors. He keeps a Buy rating on Gray Television shares.
06/26/18
WELS
06/26/18
NO CHANGE
Target $28
WELS
Outperform
Gray Television price target raised to $28 from $18 at Wells Fargo
Wells Fargo analyst Marci Ryvicker raised her price target for Gray Television to $28 from $18 as she estimates about 80% accretion from Raycom. The analyst reiterates an Outperform rating on the shares.

TODAY'S FREE FLY STORIES

CMG

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GE

General Electric

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-0.28 (-2.83%)

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ECA

Encana

$6.05

-0.435 (-6.71%)

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TTOO

T2 Biosystems

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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$NYE

NYSE Market Internals

$0.00

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NYSE market internals summary »

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11:15
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MICT

Micronet Enertec

$0.99

(0.00%)

11:10
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Micronet Enertec receives two orders totaling $1.3M for SmartHub platform »

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EQT

EQT Corporation

$19.64

-0.31 (-1.55%)

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HTHT

Huazhu Group

$32.60

-1.81 (-5.26%)

11:10
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Downgrade
Huazhu Group rating change  »

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  • 23

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USO

United States Oil Fund

$12.09

-0.66 (-5.18%)

11:10
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Customer rolls US Oil ETF puts for 233% gain as oil sells off »

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RTLR

Rattler Midstream

$0.00

(0.00%)

, FANG

Diamondback Energy

$104.01

-4.86 (-4.46%)

11:09
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Syndicate
Rattler Midstream opens at $18.06, IPO priced at $17.50 per share »

Rattler Midstream (RTLR)…

RTLR

Rattler Midstream

$0.00

(0.00%)

FANG

Diamondback Energy

$104.01

-4.86 (-4.46%)

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FCX

Freeport McMoRan

$9.94

-0.11 (-1.09%)

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Freeport McMoRan call volume above normal and directionally bullish »

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IBM

IBM

$132.49

-3.53 (-2.60%)

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LB

L Brands

$24.88

0.59 (2.43%)

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IDYA

IDEAYA Biosciences

$0.00

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CNX

CNX Resources

$7.56

-0.26 (-3.32%)

10:50
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Size put option block in CNX after calls bought yesterday »

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AZZ

AZZ Inc.

$43.62

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GSK

GlaxoSmithKline

$39.97

-0.22 (-0.55%)

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