Courtesy of Benzinga.
Jason Elkin, Chairman and CEO of New Vision Television, announced today that New Vision has reached a definitive agreement to sell its local broadcast group to LIN Television Corporation, a wholly-owned subsidiary of LIN TV Corp. (NYSE: TVL).
For a purchase price of $330.4 million and the assumption of some debt, LIN Television Corporation will acquire the assets of New Vision’s owned stations. New Vision’s assets include 17 stations in eight television markets: Portland, Birmingham, Honolulu, Wichita, Savannah, Youngstown, Topeka, and Mason City. The agreement is subject to regulatory approvals and customary closing conditions, and New Vision expects the acquisition to close before the end of 2012.
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