LIN To Buy 13 TV Stations for $342.4 Million
PROVIDENCE, R.I. and LOS ANGELES: Lin Media is buying 13 TV stations and the management of four more from New Vision Television for $330.3 million plus the assumption of $12 million in debt. The deal was announced this morning. Ten of the stations are affiliated with ABC, CBS Fox or NBC. They cover eight markets ranging from Designated Market Area No. 22 through DMA No. 153—Portland, Ore.; Birmingham, Ala.; Wichita, Kan.; Honolulu; Savannah, Ga.; Youngstown, Ohio; Topeka, Kan.; and Mason City, Iowa.
“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,” said Jason Elkin, New Vision’s CEO.
Moelis and Co. 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. The deal is expected to close before the end of this year. The New Vision transaction will give LIN a total of 50 network-affiliated TV stations in 23 markets, covering nearly 11 percent of U.S. TV households.