LIN Completes New Vision Stations Buy
LIN TV Corp. announced Friday that it had completed the $342 million acquisition of eight full-power and two low-power TV stations from New Vision Television.
LIN Media now operates or services 43 television stations, seven digital channels and a growing portfolio of websites and mobile apps in 23 U.S. markets, accounting for10.6% of U.S. television homes.
The stations (those in italics are owned by others, but operated by New Vision under contract. Listing does not include full-power satellite stations. The group airs additional network programming on in some markets on subchannels):
- KOIN (CBS) Portland, Ore. (DMA 22)
- KSNW (NBC) Wichita-Hutchinson, Kan. (DMA 67)
- KHON (Fox) Honolulu (DMA 71)
- KSNT (NBC)/KTMJ-CA (Fox)/KTKA (ABC) Topeka, Kan. (DMA 136)
- WIAT (CBS) Birmingham, Ala. (DMA 39)
- WJCL (ABC)/WTGS (Fox) Savannah, Ga. (DMA 92)
- KIMT (CBS) Mason City, Iowa (DMA 153)
- WKBN (CBS)/WYFX-LP (Fox)/WYTV (ABC) Youngstown, Ohio (DMA 110)
Commenting on the announcement, the company’s President-CEO 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.”
LIN Media was represented by Paul Hastings LLP in the transaction. Moelis & Co. acted as financial adviser to New Vision Television in the sale of its assets.