Consumer stocks were broadly higher with shares of consumer
staples companies in the S&P 500 climbing about 0.9%. Shares of
consumer discretionary firms in the S&P 500 were up 0.3%.
In company news, shares of television broadcaster and newspaper
publisher Gannett Co. Inc. (
) rose over 3% Friday, putting in one of the best performances
among consumer stocks in S&P 500 after Media General (
) paid $1.6 billion for rival broadcaster Lin Media (
LIN currently owns 43 television stations around the country,
with the combined companies operating 74 TV stations in 46 markets.
LIN Chief Executive Vincent Sadusky will keep his position with the
expanded Media General.
The deal calls on MEG to pay $763 million in cash and issue
another 49.5 million shares of its stock valued at $27.82 apiece -
a 28% premium to LIN's closing price yesterday.
Other TV operators rose after the deal was announced. GCI, which
operates 43 stations following its 2013 acquisition of Belo Corp.,
was up 3.2% at $29.42 a share, just 17 cents off its intra-day
Also advancing today are Sinclair Broadcast Group (
), up 5%, and Gray Television (
), up 3.6%. LIN was up about 22% in recent trade while MEG was
In other sector news,
(+) ANN, (+14.7%) Golden Gate Capital discloses 9.5% stake in
Schedule 13D filing. ANN says it "welcome(s) new investors and
appreciates all of shareholders' interest in the company as we
pursue our goal of continuing to increase shareholder value."
(-) DLIA, (-7.1%) Q4 revenue declines 34.3% year over year to
$35.3 million. Narrows net loss by $0.09 compared to year-ago
levels to $0.26 per share. No analyst estimates were available for
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.