Media General, Inc. (NYSE:MEG) and LIN Media LLC (NYSE:LIN) announced a definitive merger agreement that will create the second largest pure-play television broadcasting company in the U.S. Under the terms of the agreement, and based on Media General’s trailing 20-day volume weighted average price on March 19, 2014, the shareholders of LIN Media will receive aggregate consideration valued at $1.6 billion in a combination of stock and cash, or approximately $27.82 per share if prorated ratably, which represents a 28% premium to LIN Media’s trailing 20-day volume weighted average price on March 19, 2014. Based on LIN Media’s pro forma net debt balance of $968 million at December 31, 2013, the transaction enterprise value is approximately $2.6 billion. LIN MEDIA LLC (NYSE:LIN) shares after opening at $28.25 moved to $28.28 on last trade day and at the end of the day closed at $26.32. Company price to sales ratio in past twelve months was calculated as 2.09 and price to cash ratio as 50.16.LIN MEDIA LLC (NYSE:LIN) showed a positive weekly performance of 23.63%.
Lions Gate Entertainment Corp. (NYSE:LGF) saw unusually large options trading activity on Thursday. Stock investors bought 7,133 put options on the stock, AR Network reports. Lions Gate Entertainment Corp. (USA)(NYSE:LGF) shares fell -7.85% in last trading session and ended the day on $12.96. LGF return on equity ratio is recorded as 63.30% and its return on assets is 9.60%. Lions Gate Entertainment Corp. (USA)(NYSE:LGF) yearly performance is 22.78%.
Gray Television (NYSE:GTN) was downgraded by equities research analysts at Wells Fargo & Co. from an “outperform” rating to a “market perform” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. Gray Television, Inc.(NYSE:GTN) shares moved up 4.54% in last trading session and was closed at $9.91 while trading in range of $9.60 – 10.88 .Gray Television, Inc.(NYSE:GTN) year to date (YTD) performance is -33.40%.
Media General Inc. (MEG:US) agreed to acquire LIN Media LLC (LIN:US) for about $1.6 billion, winning a prized collection of local-TV stations in an industrywide race to take advantage of climbing fees from cable providers. Media General, Inc.(NYSE:MEG) weekly performance is -2.52%. On last trading day company shares ended up $17.44. Media General, Inc.(NYSE:MEG) distance from 50-day simple moving average (SMA50) is -4.05%. Analysts mean target price for the company is $3.50.