LIN Television announced that it has signed a definitive agreement to buy a TV station group for $330.4 million, Deadline.com reports. The group, owned by New Vision Television, has 13 network affiliates — including 10 affiliates of big 4 broadcast nets — in eight domestic markets.
The purchase would include assuming $12 million in debt, the story notes.
LIN TV expects to close the deal late this year, pending approval from regulators.
“We have been evaluating the M&A landscape for quite some time and selectively pursued New Vision Television as it adds geographical diversity, particularly in the South and Western U.S.,” said Vincent L. Sadusky, LIN TV president and CEO, in a statement. “New Vision Television has a reputation for operating high-quality, well-run media properties. This is a terrific opportunity to strengthen our midsize market station portfolio in an accretive manner and will provide new markets to expand our digital businesses.”
The statement from LIN TV parent LIN Media notes: “The New Vision Television network affiliates are located in the following markets: Portland, OR (DMA 22); Birmingham, AL (DMA 39); Wichita, KS (DMA 67); Honolulu, HI (DMA 71); Savannah, GA (DMA 92); Youngstown, OH (DMA 110); Topeka, KS (DMA 136); and Mason City, IA (DMA 153).”