Fidelity National Financial, Inc. (NYSE:FNF) [Trend Analysis] retains strong position in active trade, as shares scoring 4.78% to $34.22 in a active trade session, while looking at the shares volume, around 8.93 Million shares have changed hands in this session. Fidelity National Financial, Inc. declared that its BOD has accepted a tax-free plan whereby (1) it intends to distribute all 83.3 million shares of Black Knight Financial Services Inc. (BKFS) common stock that it currently owns to FNF Group (FNF) shareholders and (2) it intends to redeem all FNFV (FNFV) tracking stock shares in exchange for shares of common stock of FNFV. Following the distributions, FNF, FNFV and BKFS will each be independent, fully-distributed, publicly-traded common stocks, with FNF and FNFV no longer being tracking stocks. FNF and BKFS should be eligible for index inclusion in the S&P Midcap 400 and potentially the S&P 500. The firm has institutional ownership of 87.60%, while insider ownership included 1.50%. FNF attains analyst recommendation of 1.90 with week’s performance of 7.14%. Investors looking further ahead will note that the Price to next year’s EPS is 5.97%.
Cumulus Media Inc (NASDAQ:CMLS) plunged over 7.28% in afterhours trading session on Wednesday after it released that it has entered into a refinancing support agreement with the holders of approximately $349.7 million, or 57.3%, of the aggregate principal amount of the outstanding 7.75% Senior Notes due 2019 issued by Cumulus Media Holdings Inc., a direct wholly-owned subsidiary of the Company, and guaranteed by the Company.
The Refinancing Support Agreement sets forth the terms of a refinancing of the Outstanding Notes and pursuant to its terms the Supporting Noteholders have agreed to tender their Outstanding Notes in a private exchange offer to be made by the Company, subject to certain conditions set forth in the Refinancing Support Agreement.