Gannett: Gabelli discusses GCI cars.com deal, spin off
Gabeli had expected GCI should separate its broadcasting & publishing businesses in order to surface value. They had estimated a 2015/2016 PMV of ~$39 based on 4x publishing EBITDA, 8x broadcast cash flow and 10x digital EBITDA. There could be upside to our numbers depending upon the level and speed at which BLC synergies are captured and the prospect of incremental FCF from the London acquisition.