New Vision Television Announces Agreement To Sell Broadcasting Group To LIN Media for $330.4M

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. 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.