reports
- Blair Levin
Judge Issues Preliminary Injunction to Further Block NXST/TGNA
As expected, the Judge overseeing the DIRECTV and states’ antitrust suit against the NXST/TGNA deal has issued a Preliminary Injunction blocking the merger and continued to make the assets of the two companies subject to a “hold separate” order.
- Blair Levin
Judge extends TRO in NXST Antitrust Case
The judge overseeing the antitrust case against the NXST/TGNA merger issued an order extending his temporary restraining order (TRO) against the merger, giving himself another seven days (until April 17 at 6:00 PM PT) to prepare and publish his ruling on whether to issue a preliminary injunction (PI) to hold the assets of the two enterprises separate pending a trial on the merits. In this note we quickly assess the implications of the extension.
- Blair Levin
NXST/TGNA preliminary injunction hearing didn’t go great (for NXST)
As discussed earlier this week, the District Court overseeing the antitrust claims against the NXST/TGNA deal issued a Temporary Restraining Order (TRO) that we viewed as a likely indicator that the Court will delay the integration of NXST and TGNA for a significant time, if not permanently. Yesterday, the Court held a hearing on whether to turn the TRO into a Preliminary Injunction (PI) as well as to whether, and if so, how, to modify the details of the “hold separate” terms of the TRO and if ...
Sinclair Inc: 1 director
A director at Sinclair Inc sold 42,000 shares at 13.103USD and the significance rating of the trade was 79/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
Nexstar Media Group Inc : 5 directors
Five Directors at Nexstar Media Group Inc sold/sold after exercising options/gave away 8,579 shares at between 0.000USD and 219.630USD. The significance rating of the trade was 87/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionar...
- Blair Levin
Court Blocks NXST/TGNA Deal
The District Court has granted the States’ Attorneys Generals request for a Temporary Restraining Order (TRO) that in effect requires NXST to operate the assets it just purchased from TGNA as a separate entity, pending further proceedings. In this note, we address the implications of the ruling for investors in the broadcast and adjacent sectors.
- Blair Levin
NXST/TGNA Closes while States, DTV, and Others Sue
In rapid order late last week, states and DirecTV sued to block the NXST/TGNA deal, NXST made commitments to the FCC, the FCC Media Bureau and DOJ approved the deal, the deal closed and a coalition petitioned the FCC (and soon the courts) to overturn the order. In this note we describe the actions, discuss what’s next, note how the events of last week shifted the risks from TGNA shareholders to NXST shareholders, and describe what those risks are.
- Blair Levin
NXST/TGNA Update: At the FCC, Utilizing the ‘No Courts’ Doctrine, Whil...
The FCC will likely approve the NXST/TGNA deal even though the deal violates the current FCC ownership rules. In this note, we describe how the FCC will likely do so, how it fits into FCC Chair’s strategy to wall off decisions from legal reviews, and how it creates some risk for the merged company several years from now. We also discuss the reports that States are preparing to act to block the deal.
- Blair Levin
Trump Backs NXST/TXGA, Clearing Way for Broader Broadcast Consolidatio...
Despite having previously criticized broadcast consolidation (in the context of CMSCA and DIS) and skepticism of NXST, President Trump endorsed NXST being able to acquire TGNA. In this note we discuss the implications for that transaction and broader media trends.
- Blair Levin
NXST/TGNA: How will Trump’s New Posts and the WBD Battle Affect the De...
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 rece...
Walt Disney Co: 1 director
A director at Walt Disney Co bought 71 shares at 0.000USD and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
- Pelham Smithers
NEH NETEASE INC. SPONSORED ADR
DIS WALT DISNEY COMPANY
CDR CD PROJEKT S.A.
9697 CAPCOM CO. LTD.
9468 KADOKAWA CORPORATION
7974 NINTENDO CO. LTD.
6758 SONY CORPORATION
00700 TENCENT HOLDINGS LTD.
MSFT MICROSOFT CORPORATION
6460 JP SEGA SAMMY
GRVY GRAVITY CO. LTD. ADS
78320 BANDAI NAMCO
7844 JT MARVELOUS INC
- Blair Levin
Will Newsmax Be Able to Kill the Nexstar/Tegna Deal?
Press reports indicate that Chris Ruddy, the CEO of Newsmax and close friend of the President, is leading a charge on Capitol Hill to kill the Nexstar-Tegna deal. In this note, we analyze the impact of that opposition on the prospects for government approval of the transaction.
- Blair Levin
- Blair Levin
Implications of Nexstar and Sinclair Capitulation on Media Policy
Nexstar and Sinclair both capitulated to ABC in that they agreed to run the Kimmel show without ABC or Kimmel apologizing or in other ways acceding to demands that Sinclair had made. In this note, we summarize the key lessons for investors from the last week as we head into a historic shift in broadcast ownership, a shift whose implications will filter throughout the media ecosystem.
- Blair Levin
Winners and Losers (in Capital Markets) in the Kimmel Saga
Now that Kimmel is back on the air, is the saga of his suspension over from a capital markets perspective? We think not. In this note, we outline what we think will be the effect as the media sector wrestles with technological, market, and policy changes, as well as who we think the winners and losers will be in the dynamics that emerge from the twists and turns of the last week.
- Blair Levin
Will FCC Revoke ABC Licenses?
In an interview, FCC Brendan Carr said ABC could lose its broadcast license due to comments Jimmy Kimmel made about Charlie Kirk. Shortly thereafter, ABC announced that it was suspending Kimmel “indefinitely,” and Trump also suggested license revocation was justified. In this note, we review the issues involved with and probabilities of the FCC successfully revoking ABC licenses or otherwise taking further action against ABC.
- Blair Levin
Could the Trump/Carr Gambits Against CMSCA (and DIS) Backfire?
Recently, we published a note in which we laid out why we thought the FCC Chair’s investigation of CMSCA’s treatment of its network affiliates, like his prior investigation of DIS, was unlikely to lead to a judicially supported resolution; rather, the investigation was designed to provide Carr leverage in any FCC transaction involving CMSCA. We also just published a note discussing how the FCC and DOJ are likely to provide greater consolidation among broadcasters and cable channels, putting econ...
- Blair Levin
How will the Government Treat a Nexstar/Tegna Deal?
The WSJ is reporting that two large broadcast groups—Nexstar and Tegna—are contemplating a merger. In this note we provide background on the current regulatory hurdles to such a transaction and how the FCC, the DOJ, and courts might react to a deal.
- Blair Levin
Media Consolidation: Will FOX (Like CMSCA and DIS) Be in a Trump Trans...
As the Skydance/Paramount deal has demonstrated, the Trump FCC will address media transactions through a political lens. In this note, we discuss the implications for the sector of FOX potentially finding itself in the same position as CSMCA and DIS when it comes to the upcoming media consolidation, as well as other implications of the Colbert Affair and the federal defunding of PBS.
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