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LIN Media
LIN Media was an American holding company founded in 1994 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.
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. The company was based in Nashville, where it owned WMAK. It purchased WAKY in Louisville and attempted to purchase a station in Indianapolis but failed to do so. 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.
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). 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 1999, 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: KWCV (now KSCW-DT) in Wichita, Kansas, and KNIN-TV in Boise, Idaho.
LIN Media
LIN Media was an American holding company founded in 1994 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.
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. The company was based in Nashville, where it owned WMAK. It purchased WAKY in Louisville and attempted to purchase a station in Indianapolis but failed to do so. 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.
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). 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 1999, 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: KWCV (now KSCW-DT) in Wichita, Kansas, and KNIN-TV in Boise, Idaho.