‘LiSTNR is key in ARN Media’s proposed takeover’: Morgan Stanley does the maths

Morgan Stanley has released a report examining the current and future value of LiSTNR in any SCA/ARN deal.“We believe further media industry consolidation makes sense,” the report states.
“But there are several challenges with the ARN deal we see: a) it’s complex (in order not to breach current media ownership laws); b) not all key details are public yet, thus it’s difficult to be conclusive; and c) it’s predominantly a share offer (25% cash, 75% shares) so SX