LIN Explores Sale of Puerto Rican Assets

May 25, 2006  •  Post A Comment

LIN TV Corp. is exploring the sale of its Puerto Rican television assets, including a new cable channel devoted to Puerto Ricans living in the United States.

In a release issued Thursday, Providence, R.I.-based LIN said it hired Goldman, Sachs & Co. to explore selling television stations WAPA-TV, WJPX-TV and WAPA America, the cable channel launched in 2004 and targeted at U.S.-based Puerto Ricans.

“Our Puerto Rico-related businesses have been great growth engines for LIN, but as we look to the future we have decided to focus on our core businesses: TV stations and digital media in the continental United States,” said LIN Chairman Gary Chapman.

LIN’s decision to sell comes at a time when Wall Street is applying more pressure on the company to reduce its debt load. The company has around $973 million in debt, some of which is the result of television stations that LIN acquired from Emmis Communications last year.

Mr. Chapman said proceeds from a sale would go toward strengthening the company’s balance sheet.