Entravision to Get $264 Million From Incentive Auction; Stock Rises
Entravision Q4 sales of $70.3 million missed expectations but the broadcaster’s announced incentive auction haul of $264 million was much better than the $85 million expected, said analyst Michael Kupinski of Noble Capital Markets in an email to investors. “With…
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the Spectrum proceeds and roughly $70 million in current cash, the company will be net debt free and have significant financial capability to fuel growth through acquisitions and support higher future dividends,” Kupinski said. Entravision shares closed up 9.9 percent Friday at $6.10.