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By PBN Staff
PROVIDENCE – LIN Television Corp., the wholly-owned subsidiary of LIN Media, completed its acquisition of 13 television stations or network affiliates from New Vision Television.
The deal, closed Friday, Oct. 12, brings LIN Media’s portfolio up to 43 television stations, seven digital channels and a growing collection of websites and mobile apps in 23 different U.S. markets.
According to a company release, LIN Media delivers local news and programming to 10.6 percent of television homes in the U.S., up from 7.3 percent before the acquisition.
“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,” company President and CEO Vincent L. Sadusky said in prepared remarks.
“The addition of these television stations further advances our strategy to expand our national footprint and digital media business,” added Sadusky.
As part of the agreement, which includes 10 stations affiliated with ABC, CBS, FOX or NBC, LIN Media paid New Vision $330.4 million and assumed $12 million in debt.
The newly acquired television stations are located in the following markets: Portland, Ore.; Birmingham, Ala.; Wichita, Kan.; Honolulu, Hawaii; Savannah, Ga.; Youngstown, Ohio; Topeka, Kan. and Mason City, Iowa.
LIN was represented by Paul Hastings LLP and Moelis & Co. acted as financial adviser to New Vision Television.