LIN TV Corp. Executes First Of Two Transactions To Resolve NBC JV Overhangs
LIN will accrue for the Comcast / GE Transaction as of December 31, 2012 to reflect the financial settlement of the related guarantee obligation that existed at this balance sheet date. LIN will also account for the related income tax implications of this transaction, which will result in the recognition of a current federal and state income tax liability of approximately $164 million as of December 31, 2012. As detailed in the accompanying pro forma accounting analysis, this income tax liability is expected to be reversed upon the completion of the LLC Conversion, assuming LIN’s stock price at that time is less than or equal to approximately $10.75 per share.
NBC Long-Term Affiliation Agreement
LIN also entered into an agreement with NBC for the renewal of the affiliation agreements for all 7 television stations plus satellites LIN owns that are currently affiliated with NBC. The new agreements went into effect January 1, 2013 and expire January 1, 2017.Conference Call On February 13, 2013, at 10:30 AM Eastern Time, LIN will discuss the transactions on a conference call. To participate in the call, please dial (888) 503-8169 for U.S. callers and (719) 325-2144 for international callers. The call-in pass code is 4479577. It is recommended that participants dial-in 10 minutes before the start of the call to ensure access. A replay of the call will be available through February 27, 2013 by dialing (888) 203-1112 and entering the same pass code as above. The conference call will also be webcast simultaneously from LIN Media's web site, www.linmedia.com, and can be accessed there through a link on the home page (under Latest LIN Media News) or on the Investor Relations page (under Events). Advisers Deutsche Bank Securities Inc. is acting as financial adviser to LIN, and Weil, Gotshal & Manges LLP is acting as LIN’s legal adviser.
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