NXST/TGNA: How will Trump’s New Posts and the WBD Battle Affect the Deal Review?
Recently, President Trump posted something the market perceived as negative news for the NXST/TGNA deal, sending both stocks down. We published a note in which we laid out why we believed that the risk to the deal has risen but still thought the odds favored approval. Some have challenged our view, and Trump subsequently directly criticized Nexstar’s news programming. In addition, the battle about WBD media consolidation have dominated headlines. In this note, we address how Trump’s most recent comments and the narrative surrounding the much bigger deal affects our thinking about NXST/TGNA’s prospects.Nexstar Media Group is a television broadcasting and digital media company focused on the acquisition, development and operation of television stations and interactive community websites and digital media services. The stations provide over-the-air programming. This programming includes programs produced by networks with which the stations are affiliated; programs that the stations produce; and first-run and rerun syndicated programs that the stations acquire. The company's digital media businesses provide digital publishing and content management platform, digital video advertising platform, social media advertising platform and other digital media solutions to media publishers and advertisers.
TEGNA is a media company. The company's business provides television programming and digital content. Each television station also has a digital presence across online, mobile and social platforms. The company provides advertising and marketing services, which include local and national non-political television advertising, digital marketing services, and advertising on stations' websites and tablet and mobile products; subscription by satellite, cable, Over the Top and telecommunications providers; political advertising; and other services, such as production of programming and advertising material. The company's portfolio of Big 4 NBC, CBS, ABC and FOX stations operate under long-term affiliation agreements.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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- Pan European Telecom Services and Cable
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