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By Emily Greenhalgh
PBN Web Editor
PROVIDENCE – LIN Television Corp., subsidiary of local multimedia company LIN TV Corp., entered into a definitive agreement to purchase broadcast and other assets for 13 network affiliates from New Vision Television, the company announced Monday.
As part of the agreement, which includes 10 stations affiliated with ABC, CBS, FOX or NBC, LIN Media will pay New Vision $330.4 million and assume $12 million in debt.
“This is a terrific opportunity to strengthen our mid size-market station portfolio in an accretive manner and will provide new markets to expand our digital businesses,” company President and Chief Executive Officer Vincent L. Sadusky said in prepared remarks, adding that the new affiliates will add geographic diversity to LIN Media’s profile.
The New Vision Television network affiliates are located in Portland, Ore., Birmingham, Ala., Wichita, Kan., Honolulu, Hawaii, Savannah, Ga., Youngstown, Ohio, Topeka, Kan. and Mason City, Iowa.
After the New Vision agreement goes into effect, LIN’s reach will jump from 7.3 percent of U.S. television households to 10.6 percent.
“The deal is structured and financed in a way that preserves our financial flexibility and allows us to capitalize on significant synergies, as well as leverage our technical capabilities, corporate infrastructure and interactive growth platforms to benefit both our viewers and advertisers,” said Sadusky.
LIN Media expects the deal to close in late 2012, pending regulatory approval.