Thursday, February 18, 2021
Tribune Publishing Company (TPCO)
Rating Changed To Underperform; Dropping Coverage
Tribune Publishing Co is a print and online media company that publishes various newspapers and websites. It creates and distribute content across its media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities. The company manages its business as two distinct segments, M and X. Segment M is comprised of the company’s media groups excluding their digital revenues and related digital expenses, except digital subscription revenues when bundled with a print subscription. Segment X includes the company’s digital revenues and related digital expenses from local Tribune websites, third party websites, mobile applications, digital only subscriptions, Tribune Content Agency and BestReviews.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Rating changed. The rating on the TPCO shares has been changed from Market Perform to Underperform due to the modest discount of 1.4% to the takeout price of $17.25 per share by the Alden Group. The rating change reflects the expectation that there will be no sweetened offer or competing bid for the company and investors should consider other investment options that have more upside potential. Furthermore, there is a risk, albeit slight, that the acquiring company may not be able to complete the acquisition. In that case, there would be significant downside risk.
Dropping coverage. Tribune will become a privately owned company. As such, we will be dropping coverage and will not maintain estimates going forward …
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.