LIN Media LLC Announces Completion of Merger with LIN TV Corp.
July 30 2013 - 5:04PM
Business Wire
LIN Media LLC (“LIN Media” or the “Company”) today announced
that it has completed its merger with LIN TV Corp. (“LIN TV”). This
closing successfully concludes the Company’s plans to resolve the
NBC JV guarantee and tax overhangs that have in recent years
limited its strategic options.
LIN Media, as the surviving company in the merger, will begin
trading on the New York Stock Exchange on July 31, 2013
under the ticker symbol “LIN”.
Shares of LIN TV common stock were converted into common shares of
LIN Media on a one-for-one basis.
As a result of the capital losses generated from this
transaction, the Company expects to realize cash income tax savings
of approximately $115 million and expects to settle the remaining
estimated income tax liability associated with the NBC JV sale
transaction (announced on February 12, 2013) of approximately $48
million in cash later this year.
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, and a diverse portfolio of websites, 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 10.5% 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 Media LLC will trade on the NYSE under the symbol
“LIN”. The Company regularly uses its website as a key source of
Company information and can be accessed at www.linmedia.com.
LIN MediaCourtney Guertin, 401-457-9501Corporate Communications
Managercourtney.guertin@linmedia.comorRichard Schmaeling,
401-457-9510Chief Financial
Officerrichard.schmaeling@linmedia.com
Lin TV (NYSE:TVL)
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