Sinclair to Buy Tribune Media for $43.50/Shr in Cash and Stock
Alert: HALISTER
Source: BFW (Bloomberg First Word)
Tickers
SBGI US (Sinclair Broadcast Group Inc)
TRCO US (Tribune Media Co)
FOXA US (Twenty-First Century Fox Inc)
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UUID: 7947283
(Bloomberg) -- Sinclair Broadcast in definitive pact to buy Tribune Media for ~$3.9b plus the assumption of ~$2.7b in net debt.
- Deal price represents ~26% over Tribune’s unaffected closing share price on Feb. 28, 2017 prior to press reports of a possible deal, and 7.9% over TRCO’s closing price on May 5
- TRCO holders to receive $35.00 in cash and 0.23 shares of Sinclair Class A common stock for each share of Tribune class A common stock and class B common stock they own
- Deal unanimously approved by the boards; expected to close in 4Q, subject to TRCO shareholder approval, FCC and antitrust approval
- SBGI may sell certain stations to get FCC approval
- Sinclair to fund deal through a combination of cash on hand and fully committed debt financing
- Deal expected to be 40% accretive to pro forma free cash flow per share
- SBGI financial adviser JPMorgan; TRCO financial advisers Moelis and Guggenheim
- Call 11am (877) 407-8033
Alert: HALISTER
Source: BFW (Bloomberg First Word)
Tickers
SBGI US (Sinclair Broadcast Group Inc)
TRCO US (Tribune Media Co)
FOXA US (Twenty-First Century Fox Inc)
To de-activate this alert, click here
To modify this alert, click here
UUID: 7947283