LIN Broadcasting Corp plans to distribute to its shareholders the common stock of its LIN Television Corp: it has definitive agreement to acquire WTNH-TV in Hartford-New Haven, Connecticut, from Cook Inlet Communications Corp for about $120m cash and 11.5% of the common stock of LIN Television; the spin-off and acquisition will create a public company […]
LIN Broadcasting Corp plans to distribute to its shareholders the common stock of its LIN Television Corp: it has definitive agreement to acquire WTNH-TV in Hartford-New Haven, Connecticut, from Cook Inlet Communications Corp for about $120m cash and 11.5% of the common stock of LIN Television; the spin-off and acquisition will create a public company with seven network-affiliated television stations; after the spin-off, about a 46% stake will be owned by McCaw Cellular Communications Inc; LIN Television and McCaw will agree a private market value guarantee requiring McCaw in January 1998 either to buy the rest of LIN Television or sell its 46%.
