This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

LIN Media Announces Agreement To Purchase Network Affiliates From New Vision Television

Stocks in this article: TVL

LIN TV Corp. (“LIN Media”; NYSE: TVL), a local multimedia company, announced that its wholly-owned subsidiary LIN Television Corporation (“LIN Television” or “the Company”) entered into a definitive agreement to purchase certain broadcast and other related assets for 13 network affiliates (including 10 that are affiliated with ABC, CBS, FOX or NBC) owned by New Vision Television in eight U.S. markets for $330.4 million and the assumption of $12 million of debt. The Company also agreed to provide certain services to five separately owned network affiliates (including three that are affiliated with ABC or FOX) currently served by New Vision Television pursuant to sharing arrangements with a third-party licensee upon the closing of the transaction. The Company expects to close on the acquisition in late 2012, pending regulatory approvals and other closing conditions.

Commenting on the announcement, the Company’s President and Chief Executive Officer Vincent L. Sadusky said: "We have been evaluating the M&A landscape for quite some time and selectively pursued New Vision Television as it adds geographical diversity, particularly in the South and Western U.S. New Vision Television has a reputation for operating high-quality, well-run media properties. This is a terrific opportunity to strengthen our mid-size market station portfolio in an accretive manner and will provide new markets to expand our digital businesses.”

“The deal is structured and financed in a way that preserves our financial flexibility and allows us to capitalize on significant synergies, as well as leverage our technical capabilities, corporate infrastructure and interactive growth platforms to benefit both our viewers and advertisers,” added Sadusky.

The New Vision Television network affiliates are located in the following markets: Portland, OR (DMA 22); Birmingham, AL (DMA 39); Wichita, KS (DMA 67); Honolulu, HI (DMA 71); Savannah, GA (DMA 92); Youngstown, OH (DMA 110); Topeka, KS (DMA 136); and Mason City, IA (DMA 153).

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs