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  "documentTitle": "20190312 Deutsche Bank MIT Conference",
  "authorId": "DeutscheBank",
  "authorName": "Gray Television",
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  "notes": "The chart displays 22 distinct transaction multiples ranging from 6.2x to 12.4x.",
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      "text": "Average Blended Seller EBITDA Multiple of ~9.0x",
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      "text": "Stage 1: “Low hanging fruit”\nStage 2: “Merger of smaller equals”\nStage 3: “Merger of larger equals”\nStage 4: “Station Swaps”",
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      "text": "TV broadcasting M&A activity has ramped up considerably\nSizeable individual transactions in 2013 and 2014 at attractive valuations\nSignificant transaction synergies",
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      "kind": "source-note",
      "text": "Source: Company filings, SNL Kagan and Wall Street research",
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