Expect Nexstar “to be active aggregators” of TV stations “as...
Expect Nexstar “to be active aggregators” of TV stations “as the year progresses,” predicted analysts. They said the broadcaster could use as much as $300 million in debt to make purchases without much increasing its leverage. “Investors continue to reward…
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the synergies from consolidation,” wrote Credit Suisse’s Michael Senno and Ashton Ngwena, in an email to investors Monday. With Sinclair “likely constrained following its recent activity, and a number of stations still on the market, we expect” Nexstar to make deals this year, they wrote. Sinclair last week agreed to buy Fisher Communications (CD April 12 p14). Meredith Corp. meanwhile is seeing “Strength in Broadcasting,” read part of the headline of a Monday investor note by Benchmark’s Edward Atorino. That’s “buoyed by increased political advertising,” though “economic recovery in some key Meredith markets (e.g. Phoenix, Las Vegas, and Portland [Ore.]) has lagged,” he wrote. “However,” TV ad sales “have been picking up across the country in recent months and are expected to show further improvement” this year, said Atorino.