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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: E_K_S who wrote (74195)	11/8/2023 8:41:39 AM
From: Sean Collett	Respond to of 78744

The average cost in the account I use for all my value investments is $6.57/s so I have some room to play there. I had closed everything during that run-up a few months ago and bought back in when it dropped. Earnings were not great, but I agree with you that there is upside. The sports moves will be very beneficial as I am also seeing more demand for local games. This statement Mat Ish, owner of Suns & Mercury, made a few months back after the GTN deal has stuck with me and should highlight some of the potential - "Cord cutters, cable subscribers, fans with an antenna – everyone will be able to watch Suns and Mercury games". If they can continue to tap into this market I think this opens up a lot, especially with core advertising revenue. There is risk for broadcasters, but I think the fact that streamers continue to raise prices on a whim makes this not a clear cut win for streamers. I mean look at Disney with Charter or even Disney again who just lost a sports package (cricket) in India and is now looking to exit the market completely. And to your point, the debt has been there so nothing surprising. -Sean

To: E_K_S who wrote (74195)	2/6/2024 9:09:54 AM
From: Sean Collett	1 Recommendation Recommended By E_K_S Read Replies (1) \| Respond to of 78744

E_K_S, GTN announced they are going to try to refinance their $1.19B and extended the loan maturity from 2026 to 2029 and their $500MM revolver due 2026 to 2027. Since nothing is finalized there are no details on interest rates but one can only assume they're going up. Where they could land based on guidance for 4th quarter. $21M cash on hand which is lower than I would like but they're expecting to get $110M in pre-tax cash from proceeds of selling Broadcast Music; they expect this to close in Q1 2024. GTN has been good to me as an investment. I got back in at $8.90/s on 01/04/2024 so I plan to hold this until the end of the year. Earnings officially release on 2/23/24 so will see how things start shaping up. -Sean