Synacor (SYNC) Inks Mega-Deal; Tribune Publishing Co (TPUB) Spurns Takeover Offer
Shares of Synacor, Inc. (Nasdaq:SYNC) soared more than 120% to touch a new 52-week high in the extended session Wednesday after the company said that it was awarded a portal services contract by telecom giant AT&T Inc. (NYSE:T). According to Synacor, about $100 million in annual revenues are expected from the deal – following full product deployment next year -.
SYNC stock closed at $1.41, down $0.01 (or -0.70%), with a total volume of 1,174,779 shares traded during the day, a very large increase in activity versus its average volume (3m) of 36,408
Synacor, which operates as a technology development, multiplatform services, and revenue partner for video, Internet, and communications providers, device manufacturers and enterprises, has 30.02M Shares Outstanding. At close on Wednesday, the company had Market Capitalization of $42.33M and SYNC stock one-year range was from $1.03 to $2.10 per share
Tribune Publishing Company (NYSE:TPUB) said that it has rejected a $12.25 per share – in cash – unsolicited takeover offer from media giant Gannett Co., Inc. (NYSE:GCI), stating that the proposal “undervalues” the diversified media and marketing-solutions company.
Separately, Tribune Publishing reported first quarter 2016 revenues of $398 million and adjusted net income of $6.6 million, or $0.23 per diluted share for the period
TPUB stock finished at $11.02, down $0.16 (or -1.43%), and 147,579 of its shares exchanged hands on Wednesday’s trading session
Tribune Publishing, which publishes newspapers in the United States, has $31.66M Shares Outstanding, Market Capitalization (intraday) of $348.90M and TPUB stock 52-week range is between $5.45 and $17.64 per share
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