LIN Media explained

LIN Media, LLC
Type:Public
Traded As:NYSE

LIN

Fate:Merged with Media General
Founded:[1]
Location:Providence, Rhode Island
Austin, Texas
Area Served:United States (Nationwide)
Products:Broadcast television
Revenue: $443.5 million USD
Operating Income: $247.44 million USD
Net Income: $274.5 million USD
Owner:HM Capital Partners (70%)[2]
Num Employees:2,414 (full-time)

LIN Media was an American holding company founded in 1994[1] that operated 43 television stations. All except one were affiliates of the six major U.S. television networks. One of the remaining stations was a low-powered weather station in Indiana.

LIN Media's chief executive officer was Vincent L. Sadusky. Sadusky had been LIN's chief financial officer, Vice President and treasurer since 2004, and had been CFO for Telemundo, working closely on its sale to GE/NBC. Sadusky had been interim CEO since former chairman Gary R. Chapman announced his impending retirement in June 2006, and through the company's search for a permanent replacement. He was installed as CEO upon Chapman's retirement on July 10, 2006.[3]

History

LIN TV's roots trace back to the founding of its former parent, LIN Broadcasting Corporation, in 1961. LIN Broadcasting was engaged in radio, television, direct marketing, information and learning, music publishing, and record labels. LIN takes its initials from three major cities. Louisville, Indianapolis and Nashville (all located on Interstate 65). The company was based in Nashville where it owned WMAK. It purchased WAKY in Louisville and attempted to purchase WLRS. Although planned, it was never able to purchase a station in Indianapolis. The company purchased its first television station, WTVP (now WAND) in Decatur, Illinois, at the end of 1965. It also briefly owned the catalogues of King Records and Starday Records in the early 1970s.

LIN Broadcasting made acquisitions in broadcasting, expanded into paging, and in the early 1980s the company entered the fledgling cellular telephone business. 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.

In March 1990, McCaw Cellular Communications purchased a 52% interest in LIN Broadcasting. McCaw was acquired by AT&T in 1994, after which LIN Broadcasting's television operations were spun off as a public company traded on the NASDAQ stock 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 York and WTNH in New Haven, Connecticut.[4]

In March 1998, LIN TV was acquired by Hicks, Muse, Tate & Furst, a leading private investment firm based in Dallas, Texas. At the time of the HMTF acquisition, LIN contributed its Dallas NBC affiliate, KXAS-TV, to a joint venture with the network that also held the San Diego affiliate (KNSD).[5] Under HMTFs ownership, LIN Television has grown considerably through a wide range of transactions:

In June 1999, LIN TV acquired WOOD-TV in Grand Rapids, Michigan. Former parent LIN Broadcasting had owned the station from 1983 to 1994, when it merged with AT&T. However, LIN TV had continued to operate it.

In August, LIN TV helped finance the establishment of the now-defunct Banks Broadcasting, a minority-owned television broadcast company in which it held a 50% interest. Banks owned two stations – both of which became CW network affiliates under Banks: KWCV (now KSCW-DT) in Wichita, Kansas and KNIN-TV in Boise, Idaho (the latter has since switched its network affiliation to Fox).

LIN TV purchased WAPA-TV in San Juan, Puerto Rico in October. In April 2000, LIN TV acquired WLFI-TV, serving West Lafayette, Indiana as well as Lafayette, Indiana in exchange for 66% of WAND. LIN continued to provide management oversight for WAND for several years after the swap was completed.

LIN TV purchased WWLP in Springfield, Massachusetts in 2000. In 2001, LIN TV acquired WJPX and two satellite facilities in Puerto Rico, and the secondary commercial license of PBS member station WNEQ in Buffalo from the Western New York Public Broadcasting Association, re-launching it as commercial station WNLO.

The company exercised and closed on options to purchase WOTV in Battle Creek, Michigan and WVBT in Norfolk, Virginia, both stations that it had already managed, in January 2002.

In February, LIN TV agreed to acquire seven stations in six markets from Sunrise Television. The transaction of the stations was completed in May. Also in May, LIN TV completed the issuance of 19.55 million shares of Class A Common Stock through its initial public offering on 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 2004, LIN TV announced that they signed a deal with NBC to convert its Dayton station WDTN, along with the station LIN is operating WAND, both ABC affiliates to the network.[6] As a response to the deal, Sinclair Broadcast Group signed two ex-NBC outlets with ABC.[7]

In February 2005, LIN TV announced purchase of two UPN stations WWHO in Columbus and WNDY in Indianapolis from Viacom.[8] In late August 2005, LIN TV purchased several stations from Emmis Communications: the stations purchased were WALA-TV and WBPG (now WFNA) in Mobile, Alabama, WTHI-TV in Terre Haute, Indiana, KRQE in Albuquerque, New Mexico, and WLUK-TV in 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 for $130 million.[9]

In November 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."[10] LIN's stations returned to Time Warner on October 29, 2008.[11]

Also during Fall 2008, LIN TV and Fox Interactive Media developed a new Web CMS platform which would initially host the Web sites of all of the stations owned by LIN TV and those owned by Fox Television Stations. This division would be spun off in 2009 as the independent company Canvas Technology, which would change its name to EndPlay in 2010. With Fox Television Stations abandoning the EndPlay platform in favor of WorldNow during 2012, LIN TV will become EndPlay's largest client, followed by the E. W. Scripps Company (which adopted the EndPlay platform during 2010).

On August 7, 2009, LIN TV introduced mobile TV BlackBerry service on six of its stations, with plans for 27 more stations to be added. The strategy accompanies a 20 percent second-quarter revenue decline at the same time digital revenue has risen 52 percent.[12]

On October 6, 2009, LIN TV acquired RM Media, an online advertising and media services startup based in Austin. RM Media connects targeted audiences with advertisers and publishers based on demographic, psychographic and consumer behaviors to enhance branding and maximize client return on investment. RM Media developed extensive proprietary technology including a consumer- and advertiser-friendly video player, a top 35 comScore display ad network, a highly effective Search Engine Optimization and Search Engine Marketing process, and acquired and integrated two companies that specialize in web development and lead generation, launched two top 100 comScore proprietary websites and services several Fortune 500 clients.[13]

A rebranding to LIN Media was announced on April 13, 2010; although the corporate name remained LIN TV Corporation, the new name emphasized the company's Internet and mobile interests.[14]

On June 4, 2010, LIN TV reached a deal with ACME Communications on a shared services agreement involving ACME and LIN-owned stations in the Green Bay, Dayton, and Albuquerque markets. LIN TV would then provide technical, engineering, promotional, administrative and other operational support services for ACME's CW stations, as well as provide advertising sales services under a related but separate joint sales agreement.[15] This was followed on September 2 by the announcement that LIN would be acquiring two of the ACME stations, WBDT in Dayton, Ohio and WIWB in Green Bay, Wisconsin. WIWB, which has since taken the new calls WCWF, would become owned by LIN outright while WBDT would be technically owned by Vaughan Media but controlled by LIN who would hold an ownership stake in that company. The FCC approved the sales of WBDT and WCWF in April 2011.[16]

On March 4, 2011, LIN TV's contract with Dish Network expired, and all 31 LIN TV affiliated stations were pulled from local Dish Network broadcasts. LIN TV initially demanded a price increase of 140% from Dish Network, a number that skyrocketed to 175% after the contract expired. The channels returned to Dish Network on March 13, 2011.[17] In 2011, LIN sold WWHO to Manhan Media, who entered into an SSA with Sinclair Broadcast Group, owners of WSYX and operators of WTTE, the deal was finalized in February 2012.[18]

2012: New Vision acquisition, NBC sale

On May 7, 2012, LIN TV announced that it will acquire the 13 television stations owned by New Vision Television for $330.4 million and the assumption of $12 million in debt. The agreement includes operational control of three stations currently owned by PBC Broadcasting involved in shared service agreements with New Vision-owned stations in three markets. The three PBC-owned stations (KTKA-TV in Topeka, Kansas,[19] WTGS in Savannah, Georgia[20] and WYTV in Youngstown, Ohio[21]) were sold to Vaughan Media, but are operated by LIN TV under shared service agreements.[22] The transaction was finalized on October 12.[23] [24]

On February 13, 2013, LIN TV announced that it would be re-organized into a new company, LIN Media, LLC. Also on that date, LIN pulled out of its Station Venture Operations joint venture with NBCUniversal, giving NBC 100% ownership of KNSD and KXAS-TV. LIN paid NBC around $100 million to allow for the transaction.[25] The re-organization was completed on July 30.[26]

2014: Media General merger

On March 21, 2014, LIN announced that it would sell itself to Media General, in a transaction described as a "merger". The deal, worth an estimated $1.6 billion, would create an entity of 71 stations (adjusted for side deals and divestitures) that would reach approximately 24% of U.S. television households. In order to comply with FCC ownership rules as well as planned changes to rules regarding same-market television stations which would prohibit future joint sales agreements, Media General and LIN will divest and swap stations that both companies own in Birmingham, Green Bay, Mobile, Providence and Savannah.[27] [28] [29] The companies swapped WTGS, WJAR, WLUK, and WCWF to Sinclair Broadcast Group in exchange for KXRM, KXTU, and WTTA. Hearst Television acquired WJCL and WVTM, and Meredith Corporation acquired WALA (Meredith later merged with Gray Television).[30]

The deal was approved by shareholders on October 6, 2014,[31] and by the FCC on December 12, 2014.[32] The merger was completed on December 19.[33] Although the combined company adopted the Media General name, the company was taken over by the principal staff of LIN, including CEO Vincent Sadusky, who replaced Media General's CEO George Mahoney post-merger. In total, 45 Media General staff members were laid off as part of the merger.[34]

On January 11, 2017, the FCC approved the sale of Media General to Nexstar Broadcasting Group;[35] the sale was completed on January 17.[36]

Former stations

Stations are arranged alphabetically by state and by city of license.

City of license / MarketStationChannelYears ownedCurrent status
BirminghamTuscaloosaAnniston, ALWIAT42 2012–2014 CBS affiliate owned by Nexstar Media Group
MobileGulf Shores, ALWALA-TV10 2005–2014 Fox affiliate owned by Gray Television
WBPG/WFNA55 2006–2014 The CW affiliate owned by Nexstar Media Group
San Diego, CAKNSD39 1997–1998 NBC owned-and-operated (O&O)
New HavenHartford, CTWTNH8 1994–2014 ABC affiliate owned by Nexstar Media Group
WTVU/
WBNE/
WCTX
59 1995–2014 MyNetworkTV affiliate owned by Nexstar Media Group
Savannah, GAHardeeville, SCWJCL22 2012–2014 ABC affiliate owned by Hearst Television
WTGS28 2012–2014 Fox affiliate owned by Sinclair Broadcast Group
Honolulu, HIKHON-TV2 2012–2014 Fox affiliate owned by Nexstar Media Group
Hilo, HIKHAW-TV11 2012–2014 Fox affiliate owned by Nexstar Media Group
Wailuku, HIKAII-TV7 2012–2014 Fox affiliate owned by Nexstar Media Group
DecaturSpringfieldChampaign, ILWTVP/WAND17 1965–2000 NBC affiliate owned by Block Communications
Fort Wayne, INWANE-TV15 1984–2014 CBS affiliate owned by Nexstar Media Group
IndianapolisMarion, INWISH-TV8 1984–2014 The CW affiliate owned by Circle City Broadcasting
WNDY-TV23 2005–2014 MyNetworkTV affiliate owned by Circle City Broadcasting
WIIH-CD17 1992–2014 GetTV affiliate owned by Circle City Broadcasting
West Lafayette, INWLFI-TV18 2000–2014 CBS affiliate owned by Allen Media Broadcasting
Terre Haute, INWTHI-TV10 2005–2014 CBS affiliate owned by Allen Media Broadcasting
Mason City, IARochester, MNKIMT3 2012–2014 CBS affiliate owned by Allen Media Broadcasting
Topeka, KSKSNT27 2012–2014 NBC affiliate owned by Nexstar Media Group
KTMJ-CD43 2012–2014 Fox affiliate owned by Nexstar Media Group
KTKA-TV49 2012–2014 ABC affiliate owned by Vaughan Media
Wichita, KSKAKE-TV10 1999–2000 ABC affiliate owned by Lockwood Broadcast Group
KSNW3 2012–2014 NBC affiliate owned by Nexstar Media Group
Colby, KSKLBY4 1999–2000 ABC affiliate owned by Lockwood Broadcast Group
Dodge City, KSKUPK-TV13 1999–2000 ABC affiliate owned by Lockwood Broadcast Group
Garden City, KSKSNG11 2012–2014 NBC affiliate owned by Nexstar Media Group
Great Bend, KSKSNC2 2012–2014 NBC affiliate owned by Nexstar Media Group
Salina, KSKSNL-LD47 2012–2014 NBC affiliate owned by Nexstar Media Group
McCook, NEKSNK8 2012–2014 NBC affiliate owned by Nexstar Media Group
Springfield, MAWWLP22 2000–2014 NBC affiliate owned by Nexstar Media Group
WFXQ-CD28 2006–2014 NBC affiliate owned by Nexstar Media Group
Bay City–Flint–Saginaw, MIWEYI-TV25 2002–2004 NBC affiliate owned by Howard Stirk Holdings
Grand Rapids, MIWOTV/
WOOD-TV
8 1983–1994;
1999–2014
NBC affiliate owned by Nexstar Media Group
WXSP-CD15 2002–2014 MyNetworkTV affiliate owned by Nexstar Media Group
Battle Creek, MIWOTV41 2001–2014 ABC affiliate owned by Nexstar Media Group
Omaha, NEWOWT6 1999–2000 NBC affiliate owned by Gray Television
AlbuquerqueSanta Fe, NMKRQE13 2005–2014 CBS affiliate owned by Nexstar Media Group
KASA-TV2 2007–2014 Telemundo owned-and-operated (O&O)
KWBQ29 2010–2014 The CW affiliate owned by Mission Broadcasting
KASY-TV50 2010–2014 MyNetworkTV affiliate owned by Mission Broadcasting
Roswell, NMKBIM-TV10 2005–2014 CBS affiliate owned by Nexstar Media Group
KRWB-TV21 2010–2014 The CW affiliate owned by Mission Broadcasting
Durango, COKREZ-TV6 2005–2014 CBS affiliate owned by Nexstar Media Group
Buffalo, NYWIVB-TV4 1995–2014 CBS affiliate owned by Nexstar Media Group
WNLO23 2001–2014 The CW affiliate owned by Nexstar Media Group
Columbus, OHWWHO53 2005–2012 The CW affiliate owned by Manhan Media, Inc.
DaytonSpringfield, OHWDTN2 2002–2014 NBC affiliate owned by Nexstar Media Group
WBDT26 2010–2014 The CW affiliate owned by Vaughan Media
Toledo, OHWUPW36 2002–2012 Fox affiliate owned by American Spirit Media
Youngstown, OHWYFX-LD19 2012–2014 Fox affiliate owned by Nexstar Media Group
WKBN-TV27 2012–2014 CBS affiliate owned by Nexstar Media Group
WYTV33 2012–2014 ABC affiliate owned by Vaughan Media
Portland, ORKOIN6 2012–2014 CBS affiliate owned by Nexstar Media Group
Providence, RIWPRI-TV12 2002–2014 CBS affiliate owned by Nexstar Media Group
WNAC-TV64 2001–2014 Fox affiliate owned by Mission Broadcasting
Abilene, TXKRBC-TV9 2002–2003 NBC affiliate owned by Mission Broadcasting
Austin, TXKTVV/KXAN-TV36 1979–2014 NBC affiliate owned by Nexstar Media Group
KNVA54 1994–2014 The CW affiliate owned by Vaughan Media
KBVO-CD51 2001–2014 MyNetworkTV affiliate owned by Nexstar Media Group
Llano, TXKLNO/
KXAM-TV/
KBVO **
14 1991–2014 MyNetworkTV affiliate owned by Nexstar Media Group
Fort Worth–Dallas, TXKXAS-TV5 1974–1998 NBC owned-and-operated (O&O)
San Angelo, TXKACB-TV3 2002–2003 NBC affiliate KSAN-TV, owned by Mission Broadcasting
NorfolkPortsmouthNewport News, VAWAVY-TV10 1968–2014 NBC affiliate owned by Nexstar Media Group
WVBT43 1995–2014 Fox affiliate owned by Nexstar Media Group
Green BaySuring, WIWLUK-TV11 2005–2014 Fox affiliate owned by Sinclair Broadcast Group
WCWF14 2010–2014 The CW affiliate owned by Sinclair Broadcast Group
San Juan, PRWAPA-TV4 1998–2007 Independent owned by Hemisphere Media Group
WJPX24 2001–2007 America Teve affiliate, owned by América CV Network

Notes and References

  1. News: Lin Television in Deal. February 17, 2013. The New York Times. December 30, 1994. The newly formed Lin Television Corporation…part of the previously announced transfer of ownership of Lin Television by the Lin Broadcasting Corporation to its shareholders..
  2. Web site: LIN TV 2012 Annual Report- SEC Filings. LIN TV. October 6, 2012.
  3. News: LIN Taps Sandusky as CEO. Romano . Allison . July 13, 2006 . . August 11, 2009.
  4. News: TV: The next generation – Head of LIN TV in Providence looks ahead. https://archive.today/20130131163221/http://pqasb.pqarchiver.com/projo/access/580919331.html?dids=580919331:580919331&FMT=ABS&FMTS=ABS:FT&type=current&date=Sep+03,+1995&author=Anonymous&pub=The+Providence+Journal&desc=TV:+The+next+generation+--+Head+of+LIN+TV+in+Providence+looks+ahead&pqatl=google. dead. January 31, 2013. July 21, 2012. Providence Journal. September 3, 1995.
  5. News: Myerson. Allen R.. Hicks, Muse, Aided by NBC, Sweetens Lin Television Bid. February 17, 2013. The New York Times. October 23, 1997.
  6. Web site: https://www.bizjournals.com/dayton/stories/2004/03/01/daily25.html . 2023-11-24 . www.bizjournals.com.
  7. Web site: https://www.bizjournals.com/dayton/stories/2004/08/16/story7.html . 2023-11-24 . www.bizjournals.com.
  8. Web site: Learmonth. Michael. February 10, 2005. LIN wins bid for two Viacom UPN affils. December 8, 2021. Variety. en-US.
  9. News: LIN TV to Sell Puerto Rico Operations. Business Wire. October 19, 2006. August 12, 2009.
  10. News: Lin TV dark on Time Warner. Reuters. October 6, 2009. August 12, 2009.
  11. http://www.lintv.com/contact/time_warner.html, Retrieved on 11 August 2009.
  12. News: LIN TV Develops Blackberry App For Mobile TV Service. Eggerton . John . August 7, 2009 . . August 11, 2009.
  13. http://www.allbusiness.com/company-activities-management/company-structures-ownership/13145754-1.html
  14. News: LIN TV Rebrands as LIN Media. Eggerton. John. April 13, 2010. Broadcasting & Cable. April 13, 2010.
  15. http://www.broadcastingcable.com/article/453317-LIN_ACME_Share_Services_in_Three_Markets.php "LIN, ACME Share Services in Three Markets"
  16. http://www.fcc.gov/Daily_Releases/Daily_Digest/2011/ddtoday.html Source: FCC Daily Digest of 4/7/2011
  17. News: Dish Network, Lin TV End Carriage Dispute After Eight-Day Blackout . The Hollywood Reporter . Kimberly . Nordyke . March 13, 2011.
  18. http://www.broadcastingcable.com/article/481548-Sinclair_Inks_Shared_Services_Deal_for_WWHO_Columbus.php Sinclair Inks Shared Services Deal for WWHO Columbus
  19. Web site: CDBS Print . Licensing.fcc.gov . December 31, 2011 . March 24, 2014.
  20. Web site: CDBS Print . Licensing.fcc.gov . December 31, 2011 . March 24, 2014.
  21. Web site: CDBS Print . Licensing.fcc.gov . March 24, 2014.
  22. Web site: May 18, 2012 . Tweets and Retweets From the Editors: LIN-New Vision Tops A Week of TV Sales . March 24, 2014 . TVNewsCheck.com.
  23. News: LIN Acquiring New Vision Stations for $330 Million. Malone. Michael. May 7, 2012. Broadcasting & Cable. May 7, 2012.
  24. Web site: Malone . Michael . LIN Closes On $330 Million New Vision Deal | Broadcasting & Cable . Broadcastingcable.com . October 15, 2012 . March 24, 2014.
  25. Web site: LIN exits NBC joint venture, plans reorg. February 13, 2013 . RBR.com. February 13, 2013.
  26. Web site: LIN Media LLC Announces Completion of Merger with LIN TV Corp. . LIN Meia . March 24, 2014 . https://web.archive.org/web/20130918055434/http://www.linmedia.com/wp-content/uploads/2013/07/LIN-Media-LLC-Announces-Completion-of-Merger-with-LIN-TV-Corp.pdf . September 18, 2013 . dead .
  27. "TV Station Mega Merger: Media General, LIN Set $1.6 Billion Deal" Variety, March 21, 2014. Retrieved December 15, 2014
  28. https://www.latimes.com/entertainment/envelope/cotown/la-et-ct-lin-media-general-merge-20140321,0,5277028.story Media General acquiring LIN Media for $1.6 billion
  29. http://www.tvnewscheck.com/article/74959/media-genlin-to-sellswap-in-five-markets Media Gen/LIN To Sell/Swap In Five Markets
  30. Web site: Media General, LIN Sell Stations in 5 Markets. TVNewsCheck. August 20, 2014 . December 16, 2014.
  31. Web site: Media General, LIN Shareholders Vote Yes on Merger. Broadcasting & Cable. October 6, 2014 . December 16, 2014.
  32. Web site: FCC Okays Media General/LIN Merger. Broadcasting & Cable. December 12, 2014 . December 16, 2014.
  33. http://www.mediageneral.com/press/2014/dec19_14_merger.html Media General Completes Merger With LIN Media
  34. News: Setting The New Order at New Media General. August 4, 2014. TVNewsCheck. July 9, 2014.
  35. Web site: FCC Approves Nexstar's $4.6B Acquisition of Media General. January 11, 2017 . Deadline. January 11, 2017.
  36. Web site: Nexstar Broadcasting Group Completes Acquisition of Media General Creating Nexstar Media Group, The Nation's Second Largest Television Broadcaster. January 17, 2017. Nexstar Media Group, Inc.. November 25, 2018.