- LIN TV Corporation
company_name = LIN TV Corporation
company_type = Public (nyse|TVL)
foundation = 1997
Providence, Rhode Island
key_people = Vincent Sadusky, CEO
area_served = (Nationwide)
industry = Broadcast Television
revenue = profit $443.5 million USD
operating_income = profit $247.44 million USD
net_income = loss $274.5 million USD
num_employees = 2,414 (full time)
homepage = [http://www.lintv.com www.lintv.com]
LIN TV Corporation is an American
holding companythat operates 31 television stations.
LIN TV's roots trace back to the founding of its former parent, LIN Broadcasting Corporation, in the mid 1960s. LIN Broadcasting was engaged in
radio, television, direct marketing, information and learning, musicpublishing, and record labels. LIN takes its initials from three major cities where it originally owned radio stations: Louisville, Indianapolis and Nashville (all located on Interstate 65).
LIN Broadcasting made acquisitions in broadcasting, expanded into
paging, and in the early 1980s the company entered the fledgling cellular telephonebusiness. By 1983 the company owned seven television stations and by 1985 it owned and managed cellular telephone licenses serving Dallas, Houston, Los Angeles, New York City, and Philadelphia. LIN Broadcasting sold its paging operations and six of its radio stations in 1986 to help finance the development of its cellular business.
Chief Executive Officeris Vincent L. Sadusky. Sadusky had formerly been LIN's Chief Financial Officeras well as Vice President and treasurer since 2004, and previously was CFO for Telemundo, working closely on its sale to GE/ NBC. Sadusky had been interim CEO since former Chairman Gary R. Chapmanannounced his impending retirement in June 2006, and through the company's search for a permanent replacement. He was officially installed as CEO upon Chapman's official retirement on July 10, 2006. [http://www.broadcastingcable.com/article/CA6352368.html?display=Breaking+News&referral=SUPP&nid=2228]
In March 1990,
McCaw Cellular Communicationspurchased a 52% interest in LIN Broadcasting. McCaw was acquired by AT&Tin 1994, after which LIN Broadcastings television operations were spun off as a public company traded on the NASDAQstock market and 45%-owned by AT&T. The new company, LIN Television Corporation, owned and/or operated 12 stations and its stock price increased at a compounded annual growth rate of 31% between 1994 and 1998. During this period LIN acquired WIVB-TV in Buffalo, New Yorkand WTNH-TV in New Haven, Connecticut.
In March 1998, LIN Television was acquired by Hicks, Muse, Tate & Furst Incorporated (HMTF), a leading private investment firm based in Dallas, Texas. At the time of the HMTF acquisition, LIN contributed its Dallas
NBCaffiliate to a joint venture with the network that also holds the San Diegoaffiliate. Under HMTFs ownership, LIN Television has grown considerably through a wide range of transactions:
In June 1999, LIN acquired
WOOD-TVin Grand Rapids, Michigan, a station to which it had been providing consulting services for a number of years.
In August, LIN helped finance the establishment of
Banks Broadcasting, a minority-owned television broadcast company in which it holds a 50% interest. Today, Banks owns the CW Television Network affiliate KNIN-TVin Boise, Idaho.
WAPA-TVin San Juan, Puerto Rico in October. In April 2000, LIN acquired WLFI-TV, serving Lafayette, Indianain exchange for 66% of its station WAND-TV in Decatur, Illinois. LIN continued to provide management oversight for WAND for several years after the swap was completed.
In February, LIN agreed to acquire seven stations in six markets from STC Broadcasting. The transaction of the stations was completed in May. Also in May, LIN TV Corp. completed the issuance of 19.55 million shares of Class A Common Stock through its
Initial Public Offeringon the New York Stock Exchange.
In December 2002, LIN TV announced the sale of two television stations in Abilene and
San Angelo, Texas. This was followed in January 2004 by the sale of a station in Flint, Michigan.
In late August 2005, LIN purchased several stations from
Emmis Communications, the stations purchased were WALAand WBPGin Mobile, Alabama, WTHI-TVin Terre Haute, Indiana, KRQEin Albuquerque, New Mexico, and WLUKin Green Bay, Wisconsin. In July 2006, LIN announced the planned purchase a second station in New Mexico, KASA-TV, from Raycom Media.
In May, 2006, LIN TV announced the sale of Puerto Rico stations WAPA-TV and WJPX to
InterMedia Partners, L.P.for $130 million. [http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=TVL&script=410&layout=-6&item_id=918570]
On May 18, 2007, LIN TV announced that it was exploring strategic alternatives that could result in the sale of the company. [http://www.lintv.com/index.php?option=com_content&task=view&id=298&Itemid=114]
In Novermber 2007, LIN TV completed the sale of its share of WAND to
Block Communications. With this sale, LIN TV no longer manages the station.
On October 3, 2008, LIN TV's stations were dropped from
Time Warner Cable, due to a dispute over "retransmission fees." [http://www.lintv.com/contact/time_warner.html]
TV stations Owned and/or Operated by LIN
* [http://www.lintv.com/ Official web site]
* [http://www.lintv.com/index.php?option=com_content&task=view&id=28&Itemid=38 List of LIN stations]
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