PROVIDENCE, R.I. October 12, 2012 - 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”), completed the acquisition of television stations from New Vision Television.
LIN Media now operates or services 43 television stations, seven digital channels and a growing portfolio of web sites and mobile apps in 23 U.S. markets, and delivers important local news and programming to 10.6% of U.S. television homes.
Commenting on the announcement, the Company’s President and Chief Executive Officer Vincent L. Sadusky said: “LIN Media has acquired a terrific collection of broadcast properties with employees that share a similar passion for excellence and growth that have driven our company for the past 50 years. The addition of these television stations further advances our strategy to expand our national footprint and digital media business.”
Jason Elkin, New Vision’s CEO, said: “Even though this is the fourth major television station group that New Vision's management has successfully managed and then sold, we have never worked with a finer group of colleagues than the general managers, managers and employees who have built the thriving stations that LIN Media is now acquiring. Saying goodbye to such talented and dedicated people - many of whom have become great personal friends - is bittersweet, but today is made easier because New Vision's management believes LIN Media is a fine organization that will continue to provide great places to work and significant opportunities to advance.”
The newly acquired or serviced television stations 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 Media was represented by Paul Hastings, LLP in the transaction. Moelis & Co. acted as financial advisor to New Vision Television in the sale of its assets.
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, our ability to maximize operating synergies in connection with the acquisition and other 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.
About LIN Media
LIN Media is a local multimedia company that operates or services 43 television stations and seven digital channels in 23 U.S. markets, along with a diverse portfolio of web sites, apps and mobile products that make it more convenient to access its unique and relevant content on multiple screens.
LIN Media’s highly-rated television stations deliver important local news and community stories along with top-rated sports and entertainment programming to 10.6% of U.S. television homes. The Company’s digital media operations focus on emerging media and interactive technologies that deliver performance-driven digital marketing solutions to some of the nation’s most respected agencies and brands. LIN TV Corp. is traded on the NYSE under the symbol “TVL”.
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.