Elmington Capital Group to lead key piece of East Bank development
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Los Angeles Times
29 minutes ago
- Los Angeles Times
Nexstar agrees to acquire Tegna in $6.8 billion TV station group deal
Nexstar Media Group, the largest TV station ownership group in the U.S., has agreed to acquire Tegna Inc.'s 64 broadcast outlets, the companies announced Tuesday. The deal will be the first major test of the TV station ownership rules under President Trump's Federal Communications Commission. FCC Chairman Brendan Carr has called the current rules arcane and has indicated he's open to change. The Irving, TX-based Nexstar, which owns Los Angeles outlet KTLA, will pay $22 a share for Tegna in a deal valued at $6.2 billion. The offer is 30% over the 30-day average of Tegna's closing stock price on Aug. 8. Nexstar has more than 200 stations in 116 markets, although some of are owned through partnerships. The company also owns NewsNation, the cable news channel launched in 2020, and a majority stake in the CW Network. Tegna currently owns TV stations in 51 markets, including KFMB in San Diego and KXTV in Sacramento. The combined companies would have total 265 stations reaching 80% in the U.S. Broadcasters have asked that the FCC lift the current ownership cap that limits owners to coverage of 39% of the country so they can consolidate and achieve the scale needed to compete with tech firms that don't face the same type of regulatory restrictions. The ownership cap was last revised upward in the pre-streaming era of 2004. The FCC rules also limit the number of stations an owner can have in a single market. 'The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources,' Nexstar Chairman Perry Sook said in a statement. TV station owners are looking for relief as they have been losing audience over the last decade due to consumers migrating to streaming platforms. While TV ratings have slumped, network TV affiliates draw massive audiences for NFL games that enable them to command high prices for commercials. Local stations also prosper during presidential and mid-term election years when they see an influx of political advertising revenue.
Business Wire
29 minutes ago
- Business Wire
Western Asset Premier Bond Fund (NYSE: WEA) Announces Portfolio Management Team Update
NEW YORK--(BUSINESS WIRE)--Effective August 19, 2025, the named portfolio management team responsible for the day-to-day oversight of Western Asset Premier Bond Fund (the 'Fund') is as follows: Chris Kilpatrick Ryan Brist Walter Kilcullen Data and commentary provided in this press release are for informational purposes only. Franklin Resources and its affiliates do not engage in selling shares of the Fund. For more information about the Fund, please call Fund Investor Services: 1-888-777-0102, or consult the Fund's website at The information contained on the Fund's web site is not part of this press release. Hard copies of the Fund's complete audited financial statements are available free of charge upon request. The Fund's shares are traded on the New York Stock Exchange. Similar to stocks, Fund share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value, and can increase an investor's risk of loss. All investments are subject to risk, including the risk of loss. About Western Asset Western Asset is one of the world's leading fixed-income managers with 50 years of experience and $239 billion in assets under management (AUM) as of July 31, 2025. With a focus on long-term fundamental value investing that employs a top-down and bottom-up approach, the firm has nine offices around the globe and deep experience across the range of fixed income sectors. Founded in 1971, Western Asset has been recognized for delivering superior levels of client service alongside its approach emphasizing team management and intensive proprietary research, supported by robust risk management. To learn more about Western Asset, please visit Western Asset is an independent specialist investment manager of Franklin Templeton. Western Asset is an independent specialist investment manager of Franklin Templeton. About Franklin Templeton Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.62 trillion in assets under management as of July 31, 2025. For more information, please visit and follow us on LinkedIn, X and Facebook. Category: Fund Announcement Source: Franklin Resources, Inc. Source: Legg Mason Closed End Funds
Business Insider
30 minutes ago
- Business Insider
Coming soon to a data center near you? Nuclear reactors
One Austin-based startup may have the answer to a crucial problem that the AI industry is still stuck on: how to power it all. Aalo Atomics says the answer isn't the hulking nuclear plants of decades past. Instead, it's betting on mass-manufactured smaller reactors built to sit beside the data centers they'll fuel. That pitch earned the company a hefty check. Aalo recently closed a $100 million Series B, CEO Matt Loszak told Business Insider. Valor Equity Partners led the round, and Harpoon Ventures, Alumni Ventures, and others participated, bringing Aalo's total funding to north of $136 million. The startup's trajectory shows just how tightly AI and energy are now linked. Aalo CEO Matt Loszak said he cofounded the startup "hand-in-hand" with the AI boom. "When we started the company, we had data centers high up on our list," he told Business Insider. "Very rapidly, we were like, 'OK, we have to focus the entire company around this.'" Loszak and Yasir Arafat, the company's chief technology officer, founded Aalo in 2023 to make mass-manufactured nuclear power plants. The company's main product is the Aalo Pod, a small modular reactor built to power data centers. Aalo says one Pod can power roughly 50,000 homes, or one data center, Loszak said. "Nuclear really is the ultimate underdog," Loszak said. He called it "the most misunderstood technology I've ever seen in my life," citing skepticism of the safety of nuclear power. In August, the Department of Energy selected Aalo to test the company's experimental power plant Aalo-X, which it plans to complete construction for in 2026, at Idaho National Laboratory under the Trump administration's Nuclear Reactor Pilot Program. This program aims to speed up testing of advanced reactor designs and authorize deployment at sites beyond national labs. Aalo isn't the only company getting a boost from Washington. Ten nuclear companies—including Antares Nuclear, Radiant Industries, Valar Atomics, and Sam Altman-backed Oklo —have been tapped for the DOE's initiative. Big Tech companies have also increasingly become interested in leveraging nuclear power to fuel AI ambitions. Aalo plans to take its technology global Aalo aims to eventually take its factory-built model global. In the future, Aalo hopes to mass-produce reactors in large facilities like its 40,000 square-foot Austin factory, ship them to sites around the world, and assemble them on location. Over time, Loszak said, the company hopes to work with a network of partner developers who would handle installation and operation of the Aalo Pods. For now, the company hopes to partner with customers "willing to pay a premium because they value the speed," Loszak said, namely, cloud giants with data center projects in the works. The company declined to disclose which hyperscalers it's working with. Aalo also plans to eventually "bring costs as low as possible to help bring more energy to everyone," Loszak said. Ultimately, it aims to cut energy costs to around three cents per kilowatt hour, though Aalo's prices are currently higher than this, Loszak said. Energy costs can vary greatly depending on location, and electricity across all sectors in the US averages about 13 cents per kilowatt hour as of May 2025, according to the US Energy Information Administration. Aalo will use the new funding to double its staff, growing from about 60 employees now to 120 within the next year. It will focus on hiring engineers and manufacturing talent. That's a sharp increase for a startup that was just Loszak and Arafat less than two years ago. Betting on nuclear power Loszak's interest in nuclear power is personal. He said he developed asthma while growing up in Canada due to coal-plant smog. Once the country expanded nuclear power, though, Loszak said his symptoms disappeared. "Lo and behold, smog days went to zero, and my asthma went away," Loszak said. "I thought, 'my God, this technology is incredible.'" Previously, Loszak cofounded Humi, an HR software startup that Employment Hero acquired for over $100 million in January. Arafat, Aalo's cofounder and CTO, brings the nuclear chops. He started his career at Westinghouse Electric Company and later worked on MARVEL, an advanced nuclear reactor at the Idaho National Laboratory. Arafat earned his Ph.D. in nuclear engineering at North Carolina State University. "When I met him, I just knew he was the right guy to partner with. We had really similar values, a similar vision for what nuclear should become, and even a similar sense of humor, which is important because we spend a lot of time together," Loszak said of Arafat. Loszak said Aalo's investor, Valor, is a "special partner" for the startup because of its relationships with big data center projects. Valor backed Elon Musk's xAI in a $6 billion Series B in 2024, and the investment firm is in talks with lenders to secure up to $12 billion for xAI's plan to buy a large sum of Nvidia chips for a new mega-sized data center, The Wall Street Journal reported in July. Valor also participated in AI infrastructure company Crusoe's $600 million Series D in late 2024.
