Move is another step in consolidation of broadcast business
In another step in the ongoing consolidation of the broadcast business, Lin TV agreed on Monday to acquire 13 stations from New Vision Television for $330.4 million.
The transaction also calls for Lin to assume $12 million in debt.
The stations are in eight U.S. markets and 10 are affiliates of ABC, CBS, Fox or NBC.
The deal should close in late 2012 pending regulatory approval and other closing conditions.
Lin CEO Vincent Sadusky said the company has been “evaluating the M&A landscape for quite some time” and settled on the New Visions stations to add geographic diversity in the South and West. The stations will also provide new markets to expand Lin’s digital businesses, he said.
The New Vision affiliates are located in Birmingham, Ala.; Portland, Ore.,; Wichita and Topeka, Kans.; Honolulu; Savannah, Ga.; Youngstown, Ohio; and Mason City, Iowa.
Providence, R.I.-based Lin Television currently reaches 7.3% of U.S. TV households.