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LIN TV Corp. Announces Third Quarter 2012 Results

There were no amounts outstanding under the revolving credit facility as of September 30, 2012, compared to an outstanding revolving credit facility balance of $35 million as of December 31, 2011. As of September 30, 2012, $75 million was available for borrowing under the revolving credit facility. Consolidated net leverage, as defined in the credit agreement governing the senior secured credit facility, was 3.3x as of September 30, 2012, compared to 4.9x as of December 31, 2011. Other components of cash flow in the third quarter of 2012 include cash capital expenditures of $5.6 million and cash payments for programming of $5.9 million.

Special Item

During the third quarter of 2012, the Company accrued $4.2 million, or $2.7 million after-tax, for its share (assuming the continuation of the current shortfall sharing agreement with GE) of additional probable and estimable debt service shortfalls at the joint venture with NBCUniversal Media, LLC. The Company also funded a shortfall loan to the joint venture of $0.6 million during the third quarter of 2012. The additional shortfall accrual arose after joint venture management provided the Company with a preliminary budget for 2013, which in comparison to the Company’s prior projections, reduced the outlook for retransmission consent fee revenues and increased the estimate for capital expenditures related to the construction of a new studio facility at KXAS-TV in Fort Worth, TX. The Company’s remaining accrual for debt service shortfalls as of September 30, 2012 is $6 million. Based on the joint venture’s preliminary budget for 2013, and certain long range forecast data provided by the joint venture, the Company believes that additional debt service shortfalls beyond those currently accrued are not probable.

Subsequent Event

On October 12, 2012, LIN Television Corporation (“LIN Television”), a wholly-owned subsidiary of the Company, completed its acquisition (the “Acquisition”) of television stations in eight markets from affiliates and subsidiaries of New Vision Television, LLC (“New Vision”) for $334.9 million, subject to post-closing adjustments, and the assumption of $14.3 million of finance lease obligations. Pursuant to the terms of the purchase agreement, $33.5 million of the purchase price at closing was funded from amounts previously deposited into escrow. The remaining purchase price of $301.4 million was funded from cash on hand and the net proceeds of LIN Television’s issuance and sale of $290 million in aggregate principal amount of its 6⅜% Senior Notes due 2021, which was completed on October 12, 2012.

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