New Vision stations to LIN Television
May 7, 2012
Youngstown television properties WKBN-TV, WYTV-TV and WYFX-TV are under agreement to be purchased by LIN Television Corporation. Current owner, New Vision Television, is selling its 17 television stations in 8 markets for a total of $330.4 million and the assumption of a $12 million debt. In addition to Youngstown, other markets include Portland, Birmingham, Honolulu, Wichita, Savannah, Topeka and Mason City.
The sale agreement includes a clause to retain 100 percent of all employees at all stations.
New Vision CEO Jason Elkin calls the move “a bittersweet development”. “The decision to sell to LIN Media was not an easy one, but we negotiated a fair price and so decided that now is the right time for me and others at New Vision to begin to look at new opportunities,” he said.
LIN Media operates or services 32 network affiliates, over 50 TV and niche websites. LIN CEO Vincent Sadusky calls the purchase an opportunity to strengthen the company’s mid-size market portfolio.
