LOS ANGELES, May 7, 2012 /PRNewswire/ -- Jason Elkin,
Chairman and CEO of New Vision Television, announced today that New
Vision has reached a definitive agreement to sell its local
broadcast group to LIN Television Corporation, a wholly-owned
subsidiary of LIN TV Corp. ("LIN Media"; NYSE: TVL). For a
purchase price of $330.4 million and
the assumption of some debt, LIN Television Corporation will
acquire the assets of New Vision's owned stations. New
Vision's assets include 17 stations in eight television
markets: Portland, Birmingham, Honolulu, Wichita, Savannah, Youngstown,
Topeka, and Mason City. The agreement is subject to
regulatory approvals and customary closing conditions, and New
Vision expects the acquisition to close before the end of 2012.
Jason Elkin, New Vision's CEO,
said: "This is a bittersweet development. I have never
worked with a more dedicated and committed group of local
broadcasters than the management and staff of New Vision, led by my
COO John Heinen, CFO Eric Simontis and EVP Steve Spendlove. The
decision to sell to LIN Media was not an easy one, but we
negotiated a fair price and so decided that now is the right time
for me and others at New Vision to begin to look at new
opportunities."
New Vision has a twenty year history as one of the nation's
leading operators of local television stations, with a track record
of dramatically improving the financial and operating performance
of its broadcast properties. New Vision's first group of
stations was sold in 1995 for $230
million, more than twice the stations' acquisition
price. New Vision's second group of stations was sold in
2005, again generating significant returns for New Vision's
investors.
Since acquiring its latest group of eight television markets
from 2006 through 2008, New Vision has invested to improve
management strength and infrastructure at the stations for the
benefit of its viewers and shareholders. As a result, New
Vision and its dedicated employees have made significant impact in
their eight markets, including winning awards for journalistic
excellence and community involvement. Some of these honors
are recorded at www.newvisiontv.com/awards.
New Vision Television is operated by Jason Elkin, Chairman and CEO, and Steve Spendlove, EVP, from New Vision's
Los Angeles headquarters, and
John Heinen, President &
COO, and Eric Simontis, Chief
Financial Officer, from the company's Atlanta offices.
Moelis and Company acted as financial advisor to New Vision in
the sale of its assets.
The law firm of Locke Lord LLP
and its managing partner in Atlanta, Neil
Dickson, advised New Vision throughout the transaction with
LIN.
About New Vision Television
New Vision's philosophy is to give its presidents and general
managers a high degree of sovereignty, with each station operating
autonomously. New Vision has owned and operated more than 30
television stations in the last 20 years and has consistently
outperformed the sector.
About LIN Media
LIN Media is a local multimedia company that operates or
services 32 network affiliates, more than 50 television and niche
web sites, and a growing suite of mobile products. LIN Media's
strategic investments focus on emerging media and interactive
technologies that deliver measurable results to advertisers. LIN TV
Corp. is traded on the NYSE under the symbol "TVL".
Contact: Jason Elkin
310-478-3200
SOURCE New Vision Television