LIN Closes On $330 Million New Vision DealProvidence group now operates or services 43 stations 10/15/2012 10:27:23 AM Eastern
LIN Media has closed on its acquisition of the New Vision TV stations. It now operates or services 43 stations in 23 markets, covering 10.6% of U.S. homes.
LIN agreed to acquire the 13 stations for $330.4 million in May.
"LIN Media has acquired a terrific collection of broadcast properties with employees that share a similar passion for excellence and growth that have driven our company for the past 50 years," said Vincent Sadusky, LIN's president and CEO. "The addition of these television stations further advances our strategy to expand our national footprint and digital media business."
The stations include KOIN Portland and KHON Honolulu.
"Saying good bye to such talented and dedicated people-many of whom have become great personal friends -- is bittersweet," said Jason Elkin, New Vision CEO. "But today is made easier because New Vision's management believes LIN Media is a fine organization that will continue to provide great places to work and significant opportunities to advance."