Thursday, June 10, 2021

Entravision Communications (EVC)
The World Is Its Oyster

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Plans to acquire MediaDonuts. The acquisition of MediaDonuts, which is expected to close July 1st, will establish the company as a Digital Marketing company in Southeast Asia, moving beyond its traditional Hispanic oriented media businesses. We estimate that the acquisition in total will be roughly $32 million in cash, plus earnouts, with a series of payments beginning at $15 million on July 1st. The acquisition is viewed favorably.


Favorable valuation.  We estimate that MediaDonuts generated roughly $50 million in trailing 12 month revenue and $4 million in trailing adjusted EBITDA. As such, the company is estimated to pay roughly 8 times trailing cash flow for a business we believe is growing revenues and cash flow strongly in the double-digits. With the acquisition, the company will move solidly to become a digital media …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

FinTok and ‘Finfluencers’ are on the Rise: 3 Tips to Assess if Their Advice Has Value

 

Queenie Tan is full of financial advice. Whether it is cheap date ideas, buying furniture, saving your first $100,000, doing your tax return or investing in Dogecoin, there is seemingly no topic the 24-year-old Sydney woman can’t confidently tackle.

Her posts and videos have gained her 15,000 followers on Instagram and 42,000 followers on TikTok. Her explainer on Australian tax rules for cryptocurrency capital gains has been viewed more than 360,000 times. Her tips for first home buyers more than 400,000 times. Both videos last less than a minute.

 

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts.  It was written by and represents the thoughts of Australian Senior Lecturer in Finance Angel Zhong of RMIT University, AU.

 

Queenie’s qualifications as a financial expert are slim. She has worked as a marketing manager. She says she accumulated close to A$350,000 in assets in five years. That, along with being photogenic and vivacious, is more than enough to join the swelling ranks of “finfluencers” – social media content creators building an audience through dispensing financial advice.

Becoming a finfluencer can be highly lucrative. On TikTok the hashtag #FinTok has been viewed more than 340 million times. Among the top FinTok elite is Californian Stephen Chen, a former maths teacher turned “financial freedom coach” with close to 780,000 followers. Another is Sara Rosalia, a Canadian teenager who as “Sara Finance” has attracted more than 670,000 followers.

Aspiring influencers are also finding financial content a successful formula on Youtube, Twitter and Reddit.

But as lucrative as this trend may be for those who make it to the top of the finfluencer money tree, the gains for followers are far less certain. It is the wild west for financial information, with few of the checks and balances that regulate other areas of financial advice.

 

Driving Trading Frenzies

Cryptocurrency trading platform Plaxful analysed 1,212 videos from a sample of 50 popular finance-focused TikTok accounts in 2020. It rated 14% of them as misleading. This included, without disclosures or disclaimers, encouraging users to buy specific assets and implying an investment would guarantee a profit.

 

 

In recent months we’ve seen just how influential social media can be in encouraging people to buy or sell particular stocks.

There was the Gamestop trading frenzy, in which stocks of a video game retailer surged from US$19 to US$347 in less than two weeks, driven by Redditors and helped along by tweets from Elon Musk.

Musk’s twittering has also been instrumental in boosting the price of Dogecoin and sending Bitcoin’s price both up and down.

A social media influencer at their best will build an audience through solid financial advice. But they can also build an audience by making sensational claims about their advice, promising huge returns and even pushing dud products.

 

Other Financial Advice is Regulated

The Australian Securities and Investments Commission says complaints about unlicensed financial advice, including through social media, have been escalating since March 2020 – the beginning of the COVID-19 pandemc. The corporate regulator has expressed its concern about such advice because consumers lack any legal protection.

In Australia (as elsewhere), there are laws regulating the conduct of those running financial advice businesses. Advisers must be licensed. Touting yourself as a financial adviser without a licence can lead to a fine up to A$133,200 and a prison sentence of up to five years.

Qualifying for a licence requires completing courses and passing exams, including on ethics.

To become a finfluencer, on the other hand, requires no specific expertise whatsoever. At most content creators are bound by general rules against false and misleading claims, platform guidelines and marketing codes of practice requiring paid partnerships to be disclosed.

 

Like the Bloke at the Pub?

Despite this, the Austalian government has signalled it sees no need to do more to regulate finfluencers. The federal minister for financial services and the digital economy, Jane Hume, last week described them as “an inevitable part of a financial ecosystem”. She explained:

The TikTok influencer spruiking Nokia is not that different to
the bloke down at the pub who wants to tell you all about the really great
company he just invested in — but with a much louder voice.

“Some of the information on online forums would be bad, she said, “but some of it will be good, and a lot of it will better engage younger generations in investment and financial markets.”

These are rather simplistic things for a minister in charge of the digital economy to say.

The bloke at the pub, for one thing, does not make money from his talk.

Social media influencers do. Take Youtube as an example. If they can attract a big enough audience, content creators can earn money through advertisements, affiliated links, sponsored content and selling branded merchandise. They can potentially profit by touting stocks they own, or be paid to promote some product.

Three Tips to Assess Finfluencers

This is not to say all finfluencers are suspect. Their advice, such as Queenie Tan’s tips on saving money, may be very sensible. They wouldn’t be popular if there wasn’t a demand for accessible financial information that itself doesn’t cost a fortune.

So here are my free three tips, if you love #fintok, to assess the credibility of an influencer and their advice.

First, don’t assume a large number of followers makes someone worth following. Popularity doesn’t equal credibility. Look at their background and educational qualifications. You don’t need a degree to get rich, but there should be some sort of evidence for their claims to be someone worth listening to.

Second, why are they sharing their secrets with you for free? The Chinese philosopher Lao-tzu is credited with saying: “Those who know do not tell”. This is as true now as in the 6th century. If an influencer really has some strategy to beat the market, why are they on social media telling everyone about it? Anyone touting a particular stock or product or strategy should be treated with suspicion.

Third, be wary of anyone promoting a get-rich-quick scheme. Yes, it is possible to make huge returns on an initial investment. But such windfall gains are the exception rather than the rule.

Any influencer telling you to emulate their secrets of success probably isn’t telling you the full truth unless they are also advising you to try your luck as a finfluencer.

 

Suggested Reading:

Is Zero Trust Architecture Enough	How Much is a Trillion?

What is the Future of Entertainment Consumption?	Inflations Impact on Stocks, Four Scenarios

 

Stay up to date. Follow us:

Stay up to date. Follow us:

FinTok and ‘Finfluencers’ are on the Rise: 3 Tips to Assess if Their Advice Has Value

 

Queenie Tan is full of financial advice. Whether it is cheap date ideas, buying furniture, saving your first $100,000, doing your tax return or investing in Dogecoin, there is seemingly no topic the 24-year-old Sydney woman can’t confidently tackle.

Her posts and videos have gained her 15,000 followers on Instagram and 42,000 followers on TikTok. Her explainer on Australian tax rules for cryptocurrency capital gains has been viewed more than 360,000 times. Her tips for first home buyers more than 400,000 times. Both videos last less than a minute.

 

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts.  It was written by and represents the thoughts of Australian Senior Lecturer in Finance Angel Zhong of RMIT University, AU.

 

Queenie’s qualifications as a financial expert are slim. She has worked as a marketing manager. She says she accumulated close to A$350,000 in assets in five years. That, along with being photogenic and vivacious, is more than enough to join the swelling ranks of “finfluencers” – social media content creators building an audience through dispensing financial advice.

Becoming a finfluencer can be highly lucrative. On TikTok the hashtag #FinTok has been viewed more than 340 million times. Among the top FinTok elite is Californian Stephen Chen, a former maths teacher turned “financial freedom coach” with close to 780,000 followers. Another is Sara Rosalia, a Canadian teenager who as “Sara Finance” has attracted more than 670,000 followers.

Aspiring influencers are also finding financial content a successful formula on Youtube, Twitter and Reddit.

But as lucrative as this trend may be for those who make it to the top of the finfluencer money tree, the gains for followers are far less certain. It is the wild west for financial information, with few of the checks and balances that regulate other areas of financial advice.

 

Driving Trading Frenzies

Cryptocurrency trading platform Plaxful analysed 1,212 videos from a sample of 50 popular finance-focused TikTok accounts in 2020. It rated 14% of them as misleading. This included, without disclosures or disclaimers, encouraging users to buy specific assets and implying an investment would guarantee a profit.

 

 

In recent months we’ve seen just how influential social media can be in encouraging people to buy or sell particular stocks.

There was the Gamestop trading frenzy, in which stocks of a video game retailer surged from US$19 to US$347 in less than two weeks, driven by Redditors and helped along by tweets from Elon Musk.

Musk’s twittering has also been instrumental in boosting the price of Dogecoin and sending Bitcoin’s price both up and down.

A social media influencer at their best will build an audience through solid financial advice. But they can also build an audience by making sensational claims about their advice, promising huge returns and even pushing dud products.

 

Other Financial Advice is Regulated

The Australian Securities and Investments Commission says complaints about unlicensed financial advice, including through social media, have been escalating since March 2020 – the beginning of the COVID-19 pandemc. The corporate regulator has expressed its concern about such advice because consumers lack any legal protection.

In Australia (as elsewhere), there are laws regulating the conduct of those running financial advice businesses. Advisers must be licensed. Touting yourself as a financial adviser without a licence can lead to a fine up to A$133,200 and a prison sentence of up to five years.

Qualifying for a licence requires completing courses and passing exams, including on ethics.

To become a finfluencer, on the other hand, requires no specific expertise whatsoever. At most content creators are bound by general rules against false and misleading claims, platform guidelines and marketing codes of practice requiring paid partnerships to be disclosed.

 

Like the Bloke at the Pub?

Despite this, the Austalian government has signalled it sees no need to do more to regulate finfluencers. The federal minister for financial services and the digital economy, Jane Hume, last week described them as “an inevitable part of a financial ecosystem”. She explained:

The TikTok influencer spruiking Nokia is not that different to
the bloke down at the pub who wants to tell you all about the really great
company he just invested in — but with a much louder voice.

“Some of the information on online forums would be bad, she said, “but some of it will be good, and a lot of it will better engage younger generations in investment and financial markets.”

These are rather simplistic things for a minister in charge of the digital economy to say.

The bloke at the pub, for one thing, does not make money from his talk.

Social media influencers do. Take Youtube as an example. If they can attract a big enough audience, content creators can earn money through advertisements, affiliated links, sponsored content and selling branded merchandise. They can potentially profit by touting stocks they own, or be paid to promote some product.

Three Tips to Assess Finfluencers

This is not to say all finfluencers are suspect. Their advice, such as Queenie Tan’s tips on saving money, may be very sensible. They wouldn’t be popular if there wasn’t a demand for accessible financial information that itself doesn’t cost a fortune.

So here are my free three tips, if you love #fintok, to assess the credibility of an influencer and their advice.

First, don’t assume a large number of followers makes someone worth following. Popularity doesn’t equal credibility. Look at their background and educational qualifications. You don’t need a degree to get rich, but there should be some sort of evidence for their claims to be someone worth listening to.

Second, why are they sharing their secrets with you for free? The Chinese philosopher Lao-tzu is credited with saying: “Those who know do not tell”. This is as true now as in the 6th century. If an influencer really has some strategy to beat the market, why are they on social media telling everyone about it? Anyone touting a particular stock or product or strategy should be treated with suspicion.

Third, be wary of anyone promoting a get-rich-quick scheme. Yes, it is possible to make huge returns on an initial investment. But such windfall gains are the exception rather than the rule.

Any influencer telling you to emulate their secrets of success probably isn’t telling you the full truth unless they are also advising you to try your luck as a finfluencer.

 

Suggested Reading:

Is Zero Trust Architecture Enough	How Much is a Trillion?

What is the Future of Entertainment Consumption?	Inflations Impact on Stocks, Four Scenarios

 

Stay up to date. Follow us:

Stay up to date. Follow us:

Gray Amends Merger Agreement With Meredith Corporation

 

ATLANTA, June 03, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) today confirmed that Meredith Corporation (“Meredith”) recently informed Gray that, after announcing the definitive agreement with Gray, it had received an unsolicited proposal to acquire its Local Media Group (“LMG”) division, including all of Meredith’s broadcast television stations, from another party. Gray subsequently offered to amend the parties’ Merger Agreement to increase the total consideration payable by Gray from approximately $14.50 per share in cash, or $2.7 billion in total enterprise value (after the spin off of Meredith’s National Media Group to the current Meredith shareholders), to $16.99 per share in cash, or $2.825 billion in total enterprise value; to increase certain fees due to the other party under certain termination events under the Merger Agreement; and to make certain other revisions. On June 2, 2021, Gray and Meredith entered into an amendment to reflect the revised terms.

Meredith has informed Gray that its Board of Directors unanimously approved the revised Gray proposal, citing superior certainty of value, regulatory considerations, path to close and expected timing.

Gray remains committed to moving forward with its pending acquisition of Meredith’s local television stations. Gray continues to believe that the proposed Gray/Meredith transaction is in the best interests of the shareholders of both Gray and Meredith, as well as the companies’ respective employees, business partners, and local communities.

Meredith’s Board continues to recommend that its shareholders approve the proposed transaction with Gray. In addition, Meredith shareholders with voting control of approximately 87% of the issued and outstanding Class B common stock of Meredith have entered into a voting and support agreement that generally requires that those shareholders vote their shares in favor of the adoption of the Merger Agreement and take certain other actions to support the transactions contemplated by the Merger Agreement (including voting against any competing proposal) as long as the Merger Agreement has not been terminated.

Gray continues to expect that the Meredith transaction, even as amended, will be significantly accretive to free cash flow per share. To date, Gray has identified an estimated $55 million in synergies annualized for the first full calendar year following the closing. Including these anticipated $55 million of synergies, the revised purchase price for Gray’s acquisition of Meredith represents a multiple of approximately 8.3 times a blended average of the Meredith television stations’ 2019/2020 operating cash flow.

The transaction is subject to approval by Meredith’s shareholders and customary closing conditions and regulatory approvals, including certain consents necessary to effectuate the spin-off of Meredith’s National Media Group immediately prior to the closing of Gray’s acquisition of Meredith. Expected strong free cash flow generation through the closing of all pending transactions and throughout 2021 and 2022 is anticipated to allow Gray to deleverage its capital structure following the closing. Assuming a year-end 2021 closing, Gray anticipates that its total leverage ratio, net of all cash, would approximate 5.4 times on a trailing eight-quarter operating cash flow, including estimated annualized synergies from all announced transactions.

About Gray:

Gray Television is a television broadcast company headquartered in Atlanta, Georgia. Gray is the largest owner of top-rated local television stations and digital assets in the United States. Gray currently owns and/or operates television stations and leading digital properties in 94 television markets that collectively reach approximately 24% of U.S. television households. During 2020, Gray’s stations were ranked first in 70 markets, and ranked first and/or second in 86 markets, as calculated by Comscore’s audience measurement service. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content, and it is the majority owner of Swirl Films.

Gray Contacts:  

Website: www.gray.tv

Hilton H. Howell, Jr., Chairman, President and Chief Executive Officer, 404-266-5512
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-504-9828

Forward-Looking Statements:

This press release contains certain forward looking statements that are based largely on Gray’s current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact, and may be identified by words such as “estimates”, “expect,” “anticipate,” “will,” “implied,” “assume” and similar expressions. Forward looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward looking statements. Such risks, trends and uncertainties, which in some instances are beyond Gray’s control, include Gray’s ability to complete its pending acquisition of Meredith or other pending transactions, on the terms and within the timeframe currently contemplated, any material regulatory or other unexpected requirements in connection therewith, or whether expected synergies can be achieved on a timely basis or at all, the impact of recently completed transactions, estimates of future retransmission revenue, future expenses and other future events. Gray is subject to additional risks and uncertainties described in Gray’s quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and management’s discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.gray.tv. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. This presentation reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.

No Offer or Solicitation

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

Additional Information and Where To Find It

This communication is not a solicitation of a proxy from any shareholder of Meredith. Gray expects Meredith will file relevant materials with the Securities and Exchange Commission in connection with the proposed transactions, including a proxy. INVESTORS OF MEREDITH ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MEREDITH, GRAY AND THE PROPOSED MERGER. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Meredith with the SEC at the SEC’s website at www.sec.gov.

Participants in the Merger Solicitation

Gray, Meredith and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from the security holders of Meredith in connection with the proposed merger and related spin-off. Information about Gray’s directors and executive officers is available in its definitive proxy statement, dated March 25, 2021, for its 2021 annual meeting of shareholders. Information about Meredith’s directors and executive officers is available in Meredith’s definitive proxy statement, dated September 25, 2020, for its 2020 annual meeting of shareholders. Other information regarding the participants and description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and Form 10 registration statement regarding the proposed merger and related spin-off that Meredith will file with the SEC when it becomes available.

Gray Amends Merger Agreement With Meredith Corporation

 

ATLANTA, June 03, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) today confirmed that Meredith Corporation (“Meredith”) recently informed Gray that, after announcing the definitive agreement with Gray, it had received an unsolicited proposal to acquire its Local Media Group (“LMG”) division, including all of Meredith’s broadcast television stations, from another party. Gray subsequently offered to amend the parties’ Merger Agreement to increase the total consideration payable by Gray from approximately $14.50 per share in cash, or $2.7 billion in total enterprise value (after the spin off of Meredith’s National Media Group to the current Meredith shareholders), to $16.99 per share in cash, or $2.825 billion in total enterprise value; to increase certain fees due to the other party under certain termination events under the Merger Agreement; and to make certain other revisions. On June 2, 2021, Gray and Meredith entered into an amendment to reflect the revised terms.

Meredith has informed Gray that its Board of Directors unanimously approved the revised Gray proposal, citing superior certainty of value, regulatory considerations, path to close and expected timing.

Gray remains committed to moving forward with its pending acquisition of Meredith’s local television stations. Gray continues to believe that the proposed Gray/Meredith transaction is in the best interests of the shareholders of both Gray and Meredith, as well as the companies’ respective employees, business partners, and local communities.

Meredith’s Board continues to recommend that its shareholders approve the proposed transaction with Gray. In addition, Meredith shareholders with voting control of approximately 87% of the issued and outstanding Class B common stock of Meredith have entered into a voting and support agreement that generally requires that those shareholders vote their shares in favor of the adoption of the Merger Agreement and take certain other actions to support the transactions contemplated by the Merger Agreement (including voting against any competing proposal) as long as the Merger Agreement has not been terminated.

Gray continues to expect that the Meredith transaction, even as amended, will be significantly accretive to free cash flow per share. To date, Gray has identified an estimated $55 million in synergies annualized for the first full calendar year following the closing. Including these anticipated $55 million of synergies, the revised purchase price for Gray’s acquisition of Meredith represents a multiple of approximately 8.3 times a blended average of the Meredith television stations’ 2019/2020 operating cash flow.

The transaction is subject to approval by Meredith’s shareholders and customary closing conditions and regulatory approvals, including certain consents necessary to effectuate the spin-off of Meredith’s National Media Group immediately prior to the closing of Gray’s acquisition of Meredith. Expected strong free cash flow generation through the closing of all pending transactions and throughout 2021 and 2022 is anticipated to allow Gray to deleverage its capital structure following the closing. Assuming a year-end 2021 closing, Gray anticipates that its total leverage ratio, net of all cash, would approximate 5.4 times on a trailing eight-quarter operating cash flow, including estimated annualized synergies from all announced transactions.

About Gray:

Gray Television is a television broadcast company headquartered in Atlanta, Georgia. Gray is the largest owner of top-rated local television stations and digital assets in the United States. Gray currently owns and/or operates television stations and leading digital properties in 94 television markets that collectively reach approximately 24% of U.S. television households. During 2020, Gray’s stations were ranked first in 70 markets, and ranked first and/or second in 86 markets, as calculated by Comscore’s audience measurement service. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content, and it is the majority owner of Swirl Films.

Gray Contacts:  

Website: www.gray.tv

Hilton H. Howell, Jr., Chairman, President and Chief Executive Officer, 404-266-5512
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-504-9828

Forward-Looking Statements:

This press release contains certain forward looking statements that are based largely on Gray’s current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact, and may be identified by words such as “estimates”, “expect,” “anticipate,” “will,” “implied,” “assume” and similar expressions. Forward looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward looking statements. Such risks, trends and uncertainties, which in some instances are beyond Gray’s control, include Gray’s ability to complete its pending acquisition of Meredith or other pending transactions, on the terms and within the timeframe currently contemplated, any material regulatory or other unexpected requirements in connection therewith, or whether expected synergies can be achieved on a timely basis or at all, the impact of recently completed transactions, estimates of future retransmission revenue, future expenses and other future events. Gray is subject to additional risks and uncertainties described in Gray’s quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and management’s discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.gray.tv. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. This presentation reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.

No Offer or Solicitation

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

Additional Information and Where To Find It

This communication is not a solicitation of a proxy from any shareholder of Meredith. Gray expects Meredith will file relevant materials with the Securities and Exchange Commission in connection with the proposed transactions, including a proxy. INVESTORS OF MEREDITH ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MEREDITH, GRAY AND THE PROPOSED MERGER. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Meredith with the SEC at the SEC’s website at www.sec.gov.

Participants in the Merger Solicitation

Gray, Meredith and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from the security holders of Meredith in connection with the proposed merger and related spin-off. Information about Gray’s directors and executive officers is available in its definitive proxy statement, dated March 25, 2021, for its 2021 annual meeting of shareholders. Information about Meredith’s directors and executive officers is available in Meredith’s definitive proxy statement, dated September 25, 2020, for its 2020 annual meeting of shareholders. Other information regarding the participants and description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and Form 10 registration statement regarding the proposed merger and related spin-off that Meredith will file with the SEC when it becomes available.

Gray Announces Quarterly Cash Dividend Of $0.08 Per Share

 

ATLANTA, June 01, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) announced today that its Board of Directors has authorized a quarterly cash dividend of $0.08 per share of its common stock and Class A common stock. The dividend is payable on June 30, 2021, to shareholders of record at the close of business on June 15, 2021.

About Gray Television

Gray Television is a television broadcast company headquartered in Atlanta, Georgia. Gray is the largest owner of top-rated local television stations and digital assets in the United States. Gray currently owns and/or operates television stations and leading digital properties in 94 television markets that collectively reach approximately 24% of U.S. television households. During 2020, Gray’s stations were ranked first in 70 markets and ranked first and/or second in 86 markets, as calculated by Comscore’s audience measurement service. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content, and it is the majority owner of Swirl Films.

Gray Contacts:

www.gray.tv
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

Source: Gray Television

Gray Announces Quarterly Cash Dividend Of $0.08 Per Share

 

ATLANTA, June 01, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) announced today that its Board of Directors has authorized a quarterly cash dividend of $0.08 per share of its common stock and Class A common stock. The dividend is payable on June 30, 2021, to shareholders of record at the close of business on June 15, 2021.

About Gray Television

Gray Television is a television broadcast company headquartered in Atlanta, Georgia. Gray is the largest owner of top-rated local television stations and digital assets in the United States. Gray currently owns and/or operates television stations and leading digital properties in 94 television markets that collectively reach approximately 24% of U.S. television households. During 2020, Gray’s stations were ranked first in 70 markets and ranked first and/or second in 86 markets, as calculated by Comscore’s audience measurement service. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content, and it is the majority owner of Swirl Films.

Gray Contacts:

www.gray.tv
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

Source: Gray Television

Monday, May 17, 2021

Harte-Hanks Inc. (HRTH)
A Good Start To A Promising Year

Harte-Hanks is a marketing services company that provides multichannel marketing solutions as well as consulting, data analytics, and strategic assessment. The company’s offerings focus on business-to-business, retail, finance, and automotive segments through digital, social, mobile, and print media offerings. Harte-Hanks strives to develop better customer relationships through its marketing and analytical services for clients. The majority of its revenue is derived from its marketing services in the retail, technology, and consumer brand segments.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overachieves Q1 expectations. Total company revenues increased 8% to 43.75 million, 6.5% above our $41.10 million estimate. The revenue growth was the first time since 2014! The company’s Customer Care segment accounted for the largest upside variance (+10.4%), but each segment was better than our estimate. Adjusted EBITDA was significantly better than expected, $2.23 million versus our $600,000 estimate.


Draws a line in the sand.  Management indicated that it believes that the base revenues for the company is $40 million per quarter. The favorable revenue outlook reflects continued strength in its Customer Care business into the second quarter and improving revenue trends in its Marketing and Fulfillment & Logistics Services segments. We are raising our full year 2021 revenue estimate from $166.4 …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Entravision Communications Corporation Earns Great Place to Work Certification

SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision Communications Corporation (NYSE: EVC), a leading global media and marketing technology company, is proud to announce that the Company has been Certified™ by Great Place to Work® for the second time. This prestigious award is based entirely on the feedback of current employees. Approximately 80% of Entravision employees actively identified the Company as a ‘great place to work,’ which is 19 percentage points higher than that of the average U.S. company.

“We are thrilled to become Great Place to Work-Certified for the second time,” said Entravision’s Executive Vice President of Global Human Resources and Risk Management, Alexander LaBrie. “Ensuring a top-notch employee experience is an everyday priority at Entravision. We owe our success to our entire team of employees who continued to show their incredible dedication to Entravision and our customers even during one of the most difficult years in economic history. We celebrate and thank each and every one of our employees for all they do for our company, which has enabled Entravision to earn such an incredible recognition not once, but twice.”

“Receiving a Great Place to Work Certification is not something that comes easily. Rather, it takes ongoing dedication by a company to their overall employee experience from the initial hiring to ongoing workplace development,” said Vice President of Global Recognition at Great Place to Work, Sarah Lewis Kulin. “It’s the only official recognition determined by employees’ real-time reports of their company’s culture. Earning this designation means that Entravision’s employees truly believe that their company is one of the best to work for in the country.”

For nearly three decades, Great Place to Work^® has been the global authority on workplace culture, employee experience, and leadership behaviors. Companies who receive this prominent certification have proven to deliver market-leading revenue, employee retention and increased innovation to their industries, while job seekers of such companies are 4.5 times more likely to find a great boss. Additionally, employees at Certified™ workplaces are 93% more likely to look forward to coming to work on a daily basis and are twice as likely to be paid fairly, earning a just share of their company’s profits with strong opportunities for continued promotion.

Entravision Communications Corporation last earned the Great Place to Work Certification™ in 2017.

About Entravision Communications Corporation

Entravision is a diversified global media, marketing and technology company serving clients throughout the United States and in more than 20 countries across Latin America, Europe, and Asia. Entravision has 54 television stations and is the largest affiliate group of the Univision and UniMás television networks, and 48 Spanish-language radio stations that feature nationally recognized, award-winning talent. Our dynamic digital portfolio includes Entravision Digital, which serves SMBs in high-density U.S. Latino markets and provides cutting-edge mobile programmatic solutions and demand-side platforms that allow advertisers to execute performance campaigns using machine-learned bidding algorithms, along with Cisneros Interactive, a leader in digital advertising solutions in the Latin American and U.S. Hispanic markets representing major technology platforms. Shares of Entravision Class A Common Stock trade on The New York Stock Exchange under the ticker symbol: EVC. Learn more about all of our media, marketing and technology offerings at entravision.com or connect with us on LinkedIn and Facebook.

About Great Place to Work Certification™

Great Place to Work^® Certification™ is the most definitive “employer-of-choice” recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place to Work-Certified.

About Great Place to Work^®

Great Place to Work^® is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting and insights they need to make data-driven people decisions. Everything they do is driven by the mission to build a better world by helping every organization become a great place to work For All™. Learn more at greatplacetowork.com and on LinkedIn, Twitter, Facebook and Instagram.

Forward-Looking Statements

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210513005266/en/

Christopher T. Young
Chief Financial Officer
Entravision Communications Corporation
310-447-3870

Kimberly Esterkin
ADDO Investor Relations
310-829-5400

evc@addo.com

Source: Entravision Communications Corporation

Tuesday, May 11, 2021

Townsquare Media Inc (TSQ)
Leaning In With A Digital First Strategy

Townsquare Media Inc is an entertainment and media company offering digital marketing solutions in the United States and Canada. It owns and operates radio stations, social media properties focusing the small and mid-cap companies. Services offered to the clients include live events, local advertising, digital advertising, e-commerce offerings, few others. The segments through which the company operates its businesses are classified into Local marketing solutions and Entertainment segments. Revenues are generated from commercials through broadcasts and sale of internet based advertisements.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q1 results appear in line. Q1 revenues were $88.7 million versus our $87.5 million estimate. Cash flow, as measured by adjusted EBITDA, was $20.1 million versus our $18.4 million estimate, enhanced by lower-than-expected corporate expenses and better gross profit margins.


Q2 guidance well above expectations.  Q2 revenues are expected to be between $101 million and $104 million, for growth between 36% to 40% on a year-over-year basis. Importantly, Q2 revenue guidance is a modest 4% to 7% decline compared to the second quarter 2019. We have adjusted upward our Q2 revenue estimate from $83.5 million to $102.5 million and our adjusted EBITDA estimate from $10.0 million to…

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Monday, May 10, 2021

E.W. Scripps Company (SSP)
Stepping Up To The OTT Plate

The E.W. Scripps Co. (www.scripps.com) serves audiences and businesses through a growing portfolio of television, print and digital media brands. After approval of its acquisition of two Granite Broadcasting stations later this year, Scripps will own 21 local television stations as well as daily newspapers in 13 markets across the United States. It also runs an expanding collection of local and national digital journalism and information businesses including digital video news service Newsy. Scripps also produces television programming, runs an award-winning investigative reporting newsroom in Washington, D.C., and serves as the longtime steward of one of the nation’s largest, most successful and longest-running educational programs, Scripps National Spelling Bee. Founded in 1879, Scripps is focused on the stories of tomorrow.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q1 results exceed expectations. Total company revenues of $540.9 million exceeded our estimate of $526.3 million by 2.8%, with core advertising the largest upside variance to our estimates. Q1 Adjusted EBITDA far exceeded our estimates, $140.8 million versus our estimate of $107.4 million, as the company benefited from cost synergies from its January purchase of Ion Media.


Company provides guidance.  Given the improved revenue visibility, management reinstated providing guidance for the upcoming quarter and provided more color full year free cash flow generation. The guidance was above our Q2 expectations …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Friday, May 07, 2021

Entravision Communications Corporation (EVC)
Hits A Digital Home Run

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q1 exceeds expectations. Q1 revenues increase 131% to $148.8 million, beating our estimate by nearly 20%. The extraordinary growth was primarily driven by the October 2020 acquisition of Cisneros Interactive, which increased revenues a remarkable 43% on a proforma basis, as if the company owned the operations a year earlier. Notably, the company’s Digital business represented 68% of total company revenues in the quarter, leading its diversified broadcast peers.


Core advertising improves.  The strong Digital performance overshadowed the company’s underlying strength in its broadcast core advertising. Q1 core Television increased 3% and Audio (Radio) core increased 6%. Management indicated that Q2 core Television advertising is pacing up a strong 44%, 55% excluding Political. Radio is up 84%. Digital revenues are pacing up 900% …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Friday, May 07, 2021

Salem Media (SALM)
Steady As She Goes

Salem Media Group is America’s leading radio broadcaster, Internet content provider, and magazine and book publisher targeting audiences interested in Christian and family-themed content and conservative values. In addition to its radio properties, Salem owns Salem Radio Network, which syndicates talk, news and music programming to approximately 2700 affiliates; Salem Radio Representatives, a national radio advertising sales force; Salem Web Network, a leading Internet provider of Christian content and online streaming; and Salem Publishing, a leading publisher of Christian themed magazines. Salem owns and operates 115 radio stations, with 73 stations in the nation’s top 25 top markets – and 25 in the top 10. Each of our radio properties has a full portfolio of broadcast and digital marketing opportunities.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q1 exceeds expectations. Total company revenues increased 1.9% to $59.4 million versus our $56.4 million estimate. Cash flow, as measured by adjusted EBITDA, beat expectations as well, $7.9 million versus our estimate of $4.9 million. Each of the company’s operating segments performed better than our expectations, with the largest upside in its Publishing division.


Favorable Q2 outlook.  Management indicated that Q2 revenues are expected to increase between 13% and 15%, which is slightly better than our expectations. Expense growth guidance between 6% and 9% is a little higher than we have modeled. As such, while we are raising our Q2 revenue estimate, we are tweaking lower our Q2 adj. EBITDA …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.