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Time Warner has agreed to sell Atlanta-based broadcast television station WPCH for $70 million to Meredith Corp. (NYSE: MDP), per an FEC application.
Why it's the BFD: This is a small deal to Time Warner in terms of cash, but big in terms of possibly avoiding FCC scrutiny of its monster acquisition by AT&T. Specifically, the FCC steps in when its licenses are transferred, but now WPCH won't become part of the AT&T deal.
Bottom line: By selling the station and its airwave licenses the two companies could avoid an FCC review of the deal, since the agency steps in when licenses change hands. AT&T had already indicated that it didn't expect licenses to transfer as part of the deal, but this is a key step towards potentially avoiding an FCC review. ― David McCabe
• Braeburn Pharmaceuticals, a Princeton, N.J.-based CNS drug company owned by Apple Tree Partners, has officially withdrawn registration for an IPO that it had postponed earlier this month. The company had planned to offer around 7.7 million shares at between $18 and $21 per share, with J.P. Morgan and BofA Merrill Lynch serving as lead underwriters. http://bit.ly/2mko0OI
• Engie (Paris: ENGI) is seeking a buyer for a coal-fired power station in Australia that could be valued at around $1 billion. http://reut.rs/2lzm9aC
• Royal Bank of Canada has launched a strategic review of its Asia wealth management business, which could result in a sale process, according to Reuters. http://reut.rs/2mkoO6f
• Ronald Blaylock, founder and managing partner of GenNx360 Capital Partners, has been named to the board of Pfizer (NYSE: PFE). http://reut.rs/2mspshh