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SBGI

Sinclair Broadcast

$31.45

0.17 (0.54%)

, TRCO

Tribune Media

$38.90

-0.455 (-1.16%)

14:09
11/13/18
11/13
14:09
11/13/18
14:09

DOJ confirms settlement with Sinclair, Tribune, Meredith, others

The Department of Justice announced that it has reached a settlement with six broadcast television companies - Sinclair Broadcast Group Inc. (SBGI); Raycom Media Inc.; Tribune Media Company (TRCO); Meredith Corporation (MDP); Griffin Communications; and Dreamcatcher Broadcasting LLC - to resolve a Department lawsuit alleging that the companies engaged in unlawful agreements to share non-public competitively sensitive information with their broadcast television competitors. The Justice Department's Antitrust Division filed a civil antitrust lawsuit today in the U.S. District Court for the District of Columbia to challenge the unlawful exchange of competitively sensitive information among these six broadcast television companies, their sales representatives, and other broadcast television groups. At the same time, the Department filed proposed settlements that, if approved by the court, would resolve the lawsuit's alleged competitive harm alleged in the complaint. According to the complaint, the six broadcast television companies agreed in many metropolitan areas across the United States to exchange revenue pacing information, and certain defendants also engaged in the exchange of other forms of non-public sales information in certain metropolitan areas. Pacing compares a broadcast station's revenues booked for a certain time period to the revenues booked in the same point in the previous year. Pacing indicates how each station is performing versus the rest of the market and provides insight into each station's remaining spot advertising for the period. By exchanging pacing information, the broadcasters were better able to anticipate whether their competitors were likely to raise, maintain, or lower spot advertising prices, which in turn helped inform the stations' own pricing strategies and negotiations with advertisers. As a result, the information exchanges harmed the competitive price-setting process. The proposed settlement prohibits the direct or indirect sharing of such competitively sensitive information. The Department has determined that prohibiting this conduct would resolve the antitrust concerns raised as a result of the conduct of these defendants. The proposed settlement further requires defendants to cooperate in the department's ongoing investigation, and to adopt rigorous antitrust compliance and reporting measures to prevent similar anticompetitive conduct in the future. The settlement has a seven year term, and it will continue to apply to stations currently owned by defendants, even if those stations are acquired by another company. Reference Link

SBGI

Sinclair Broadcast

$31.45

0.17 (0.54%)

TRCO

Tribune Media

$38.90

-0.455 (-1.16%)

MDP

Meredith

$57.04

(0.00%)

  • 13

    Nov

  • 15

    Nov

SBGI Sinclair Broadcast
$31.45

0.17 (0.54%)

10/16/18
GUGG
10/16/18
INITIATION
Target $40
GUGG
Buy
Sinclair Broadcast initiated with a Buy at Guggenheim
Guggenheim initiated Sinclair Broadcast with a Buy and $40 price target.
09/06/18
RILY
09/06/18
DOWNGRADE
Target $33
RILY
Neutral
Sinclair Broadcast downgraded to Neutral from Buy at B. Riley FBR
B. Riley FBR analyst Barton Crockett downgraded Sinclair Broadcast (SBGI) to Neutral and lowered his price target for the shares to $33 from $36. The analyst also raised his price target for Buy-rated Nexstar Media Group (NXST) to $92 from $87.
09/06/18
RILY
09/06/18
DOWNGRADE
Target $33
RILY
Neutral
B. Riley FBR sees Sinclair in 'penalty box with sellers,' downgrades to Neutral
B. Riley FBR analyst Barton Crockett downgraded Sinclair Broadcast (SBGI) to Neutral from Buy and lowered his price target for the shares to $33 from $36. The $1B share buyback following the collapse of the Tribune Media (TRCO) deal is offset by Sinclair "being in a penalty box with sellers," Crockett tells investors in a research note. He believes the company is unlikely to participate in an "attractive wave of mergers sweeping the TV station group." Further, the analyst also sees some risk that Tribune prevails in its $1B lawsuit against Sinclair over the failed merger.
09/26/18
JPMS
09/26/18
INITIATION
Target $32
JPMS
Neutral
Sinclair Broadcast reinstated with a Neutral at JPMorgan
JPMorgan analyst Alexia Quadrani reinstated coverage of Sinclair Broadcast with a Neutral rating and $32 price target following a period of restriction. The analyst, who views the current valuation as "cheap," believes other broadcast groups offer better investment opportunities.
TRCO Tribune Media
$38.90

-0.455 (-1.16%)

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.
07/31/18
EVER
07/31/18
INITIATION
Target $40
EVER
Outperform
Tribune Media initiated with an Outperform at Evercore ISI
Evercore ISI analyst David Joyce initiated Tribune Media with an Outperform and $40 price target.
MDP Meredith
$57.04

(0.00%)

09/11/18
SBSH
09/11/18
NO CHANGE
Target $61
SBSH
Buy
Meredith shares could reach $99 if EBITDA target is hit, says Citi
Citi analyst Jason Bazinet raised his price target for Meredith shares to $61 from $56 and keeps a Buy rating on the name. Management continues to expect $1B in EBITDA in fiscal 2020, but most investors do not believe this can be achieved, Bazinet tells investors in a research note titled "You Don't Need to Believe in $1B of FY20 EBITDA to be Bullish." Short interest in the name is near record levels and sell-side consensus expectations call for just $746M of fiscal 2020 EBITDA, the analyst points out. Bazinet "only" expects $777M in in 2020 EBITDA. However, the analyst believes that even with his "more muted" EBITDA estimates, Meredith's equity could reach $61 per share. And, if Meredith achieves its $1B target, the equity could reach $99 per share, Bazinet writes. The stock closed yesterday up 50c to $51.40.
09/07/18
BNCH
09/07/18
NO CHANGE
BNCH
Buy
Meredith weakness a buying opportunity, says Benchmark
Benchmark analyst Daniel Kurnos attributes yesterday's weakness in shares of Meredith to two factors: the fact that the company offered no incremental news on its pending asset sales and "incorrect language" in reports of its previously provided guidance compared against "a stale, inaccurate consensus." His talks point to robust demand for the planned divestitures and the company's FY19 EBITDA guidance remained unchanged at $720M-$750M, Kurnos said. The analyst, who sees yesterday's price action as "completely unwarranted," would be a buyer on the weakness and keeps a Buy rating on Meredith shares.
08/10/18
08/10/18
NO CHANGE

Meredith sees FY19 cont-op EPS $3.25-$3.55, consensus $3.41
Sees FY19 revenue $3.0B-$3.2B, consensus $2.25B.
05/30/18
05/30/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Exxon Mobil (XOM) upgraded to Outperform from Sector Perform at RBC Capital with analyst Biraj Borkhataria saying the stock trades at 8.4-times expected enterprise value to debt-adjusted cash flow vs. 7.1-times for other "super majors" in the industry, forecasting that premium to shrink by 2023 given Exxon Mobil's "superior cash flow growth and debt reduction potential." 2. HP Inc. (HPQ) upgraded to Buy from Hold at Maxim with analyst Nehal Chokshi saying the company's base business is priced "attractively" as the latest quarter places it on track for low-single digit growth. 3. Meredith (MDP) upgraded to Outperform from Neutral at Credit Suisse with analyst Jason Bazinet saying he attributes the weakness in the shares over the past six months to the company's elevated debt levels and deteriorating print ad trends. 4. Allegheny Technologies (ATI) upgraded to Neutral from Sell at Goldman Sachs with analyst Matthew Korn citing the company's "consistency" of growing within a technologically challenging market as well as its fair valuation, while adding that there is some upside to his forecasts based on its operational strength. 5. G-III Apparel (GIII) upgraded to Outperform from Market Perform at Cowen with analyst John Kernan saying he believes free cash flow will improve with the expansion of Donna Karan profitability and as earnings headwinds diminish. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

FB

Facebook

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ZLAB

Zai Lab

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LYFT

Lyft

$60.91

2.6 (4.46%)

07:58
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CDNS

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WSO

Watsco

$150.99

-0.39 (-0.26%)

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General news
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LII

Lennox

$267.77

-2.97 (-1.10%)

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  • 07

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PENN

Penn National

$21.28

0.055 (0.26%)

07:53
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  • 02

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SCRYY

Scor

$0.00

(0.00%)

07:53
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Conference/Events
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  • 30

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07:53
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Conference/Events
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AUTL

Autolus Therapeutics

$26.67

0.09 (0.34%)

07:52
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Hot Stocks
Autolus Therapeutics receives orphan drug designation for enriched T-cells »

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  • 14

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MDSO

Medidata

$90.30

11.44 (14.51%)

, DASTY

Dassault Systemes

$0.00

(0.00%)

07:52
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07:52
Downgrade
Medidata, Dassault Systemes rating change  »

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MDSO

Medidata

$90.30

11.44 (14.51%)

DASTY

Dassault Systemes

$0.00

(0.00%)

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  • 24

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AZRX

AzurRx BioPharma

$2.60

0.185 (7.68%)

07:50
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  • 30

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HAL

Halliburton

$31.09

-0.03 (-0.10%)

07:50
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JBLU

JetBlue

$16.84

-0.13 (-0.77%)

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  • 23

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ACHC

Acadia

$29.66

0.16 (0.54%)

07:49
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  • 01

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PAG

Penske Automotive

$44.64

-1.305 (-2.84%)

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JBLU

JetBlue

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  • 23

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JEC

Jacobs Engineering

$78.69

1.755 (2.28%)

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  • 07

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PRIM

Primoris

$22.00

0.14 (0.64%)

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  • 03

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PACW

PacWest Bancorp

$38.85

-0.39 (-0.99%)

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  • 30

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ISRG

Intuitive Surgical

$490.70

-37.34 (-7.07%)

07:46
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  • 25

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NVR

NVR

$3,260.82

173.72 (5.63%)

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  • 02

    May

LMT

Lockheed Martin

$315.24

0.94 (0.30%)

07:45
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  • 23

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CVE

Cenovus Energy

$10.43

0.345 (3.42%)

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