Question-and-Answer Session
Operator
Thank you. We’ll now begin the question and answer session. (Operator Instructions). Our first question comes from Mr. Kit Spring of Stifel Nicolaus. Your line is open.
Kit Spring - Stifel Nicolaus
Okay. Any interest in acquisitions, anything in the Lincoln financial that fits you? And if so, how would you finance that? Could you go above your current leverage ratio or is there another creative way?
And then on the Red Sox, how much did that benefit you in 3Q and 4Q, and have you seen the quarter get better since the tough comparisons in October time adjusted for the Red Sox? Thank you.
David Field
Yeah, let me take those in order. First, from an M&A standpoint, we've said in the past that we do look at opportunities that come along the pipe to make acquisitions, and we occasionally trades with people as well. But we do that soberly and very much in line with our balance sheet and our commitment to pay dividend. So you should not expect us to look at anything that would materially alter our balance sheet.
As far as the Red Sox are concerned, as I mentioned during my remarks, there was no impact at all in the third quarter of course, because playoffs did not begin till October. And for the fourth quarter, as I mentioned, there will be about a $1 million impact on revenues incremental due to the additional gains in the first season.
And finally on quarter, I think things actually are better than they were during September. I think the tone has been stronger in October and for the first part of November. But again, as I mentioned, I would describe market conditions as somewhat choppy and mixed with a pretty wide variance between what we're seeing in certain markets which are performing very well and other markets which are hurting based upon I think the macro-economic issues that are specific to those local economies.
Kit Spring - Stifel Nicolaus
Thank you.
Operator
Victor Miller of Bear Stearns, you may ask your question.
Victor Miller - Bear Stearns
Well, just to kind of reiterate that last question from another angle, obviously the dividend yield is about 9%, the after-tax of cost of that is probably 4.5%. So you are purchasing shares at a much solid levels. Obviously, you are going to add to free cash flow per share and free cash flow in general, the gross dollars of that. How do you -- and you look at the 9.5 times level, I mean 9.5 times valuation on next year's EBITDA by our estimates?
- To read the full transcript on Seeking Alpha, click here »
