LIN Media Announces Agreement to Purchase Network Affiliates from New Vision Television
07 5월 2012 - 8:13PM
Business Wire
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).
LIN Television currently reaches 7.3% of U.S. television
households and is affiliated with all major networks. Pro forma for
the New Vision Television transaction, the Company will operate or
service 50 network affiliates in 23 markets, reaching 10.6% of U.S.
television households.
On May 9, 2012, at 9:00 AM (EST), the Company will discuss the
acquisition of New Vision Television’s assets during its regularly
scheduled first quarter 2012 earnings call. To participate in the
call, please dial 1-877-719-9789 for U.S. callers and
1-719-325-4763 for international callers. The call-in pass code is
8449814.
Forward-Looking Statements
This press release includes statements that constitute
"forward-looking statements," including statements regarding our
future plans and operations. Forward-looking statements inherently
involve risks and uncertainties, including, among other factors,
general economic conditions, demand for advertising, competition
for audience and programming, government regulations and new
technologies, that could cause our actual results to differ
materially from the forward-looking statements. Factors that could
contribute to such differences include, but are not limited to,
obtaining the required government approvals for the acquisition of
New Vision’s assets, our ability to obtain financing to fund the
acquisition, our ability to maximize operating synergies in
connection with the acquisition, and the risks detailed in our
periodic reports filed with the Securities and Exchange Commission.
Reports may be accessed online at www.sec.gov or www.linmedia.com.
By making these forward-looking statements, we undertake no
obligation to update these statements for revisions or changes
after the date of this press release.
The Company was represented by Paul Hastings, LLP in the
transaction.
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".
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