LIN TV said it reached a deal with Comcast and...
LIN TV said it reached a deal with Comcast and NBCUniversal that will let it out of a joint-venture that has been an overhang on the company’s valuation. LIN will make a $100 million contribution to the joint venture in…
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exchange for being released from its guaranty of the $815.5 million note payable to General Electric Capital Corporation, it said. The next step is for LIN to form a new limited liability company and merge with it, LIN said. That will help protect it and shareholders from future tax liabilities, it said. In connection with the deal, LIN said it renewed the affiliation agreements for the seven NBC-affiliated TV stations and two satellite stations it owns. The affiliation agreements started Jan. 1 and expire Jan. 1, 2017. Resolving the joint venture could help LIN buy more stations in the future, CEO Vincent Sadusky told analysts during a teleconference Wednesday. “We had traded at a discount to our peers so it was very hard for us to have a transaction be necessarily accretive,” when other prospective buyers could use more valuable stock as currency, he said. “If we make a decision to become more active in the television space, I think it will be helpful,” he said.