was among the
winners Monday, as shares jumped 13% after the media company agreed to sell its portfolio of enthusiast magazines to
for $1.2 billion in cash.
The deal includes more than 70 magazines and 90 Web sites. "Our review of strategic alternatives is complete and our direction is clear," Source Interlink said. "Over the last several years Source has driven the consolidation of a fragmented and inefficient channel for the distribution and merchandising of home entertainment content at retail and the newsstand. This acquisition is a first step to leverage what we have built by transforming Source into a fully integrated media company with both print and digital content."
The acquisition, which is expected to close during the middle of the summer, should be accretive to earnings, Source Interlink said. Shares of Primedia were trading up 33 cents to $2.82, while shares of Source Interlink were trading down $1.23, or 18%, to $5.57.
Republic Property Trust
jumped 12% after the real estate investment trust said that it formed a special committee to explore strategic alternatives, including the possible sale of the company. The company also said that it received an unsolicited indication of interest last week from another publicly traded REIT. "It is contemplated that this and any other expressions of interest will be referred to the special committee and its advisors for their evaluation and consideration," the company said. Shares were trading up $1.31 to $12.32.
(SGY - Get Report)
rose 5.8% after the company agreed to sell its Rocky Mountain natural gas assets to
(NFX - Get Report)
for $575 million in cash.
"The sale of our Rocky Mountain properties will provide us with the proceeds to materially reduce our debt position, just as we planned back in January," Stone Energy said. "This sale is consistent with the four key goals we set for the year -- hit or exceed our production target, drill successful exploitation wells, execute the sale of the Rocky Mountain properties and selected Gulf Coast properties, and materially reduce debt through these asset sales and free cash flow." The company said that it plans to maintain a 35% proportional working interest in several undeveloped areas in the region, accounting for about 60,000 acres. The sale is expected to close at the end of June or in early July. Shares of Stone were trading up $1.89 to $34.63.