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"Both are high-quality media companies with a commitment to building these businesses."
—-Dennis Glass, LFP Chairman/CEO
LINCOLN SELLS TV STATIONS, SPORTS SYNDICATION
Media Comglom Also Forks Over Its Charlotte Radio Stations, But Remains Committed to Broadcasting

Media conglom Lincoln Financial Group, formerly Jefferson-Pilot, announced it had reached an agreement to sell its three television stations in Charlotte, Richmond and Charlestown, along with its sports syndication business, to Raycom Media for $583 million.

 

At the same time, they reached a separate agreement with Greater Media to sell its Charlotte radio station cluster for $100 million in cash.

 

The company will continue to operate and invest in its remaining radio properties to improve value and will explore options to divest those assets as market conditions dictate.

 

LFP President/CEO Dennis Glass commented: “Raycom has been a valuable partner in the sports syndication business and, given their presence in the southeastern U.S., is a logical partner for our television assets. Greater Media is a well-established company with significant radio holdings in Boston, Detroit, and Philadelphia, as well as throughout New Jersey. It is known for its belief in local management and community service. Both are high-quality media companies with a commitment to building these businesses.”

 

Net proceeds from the transactions will be used primarily for debt reduction and share

repurchases.

 

The sports syndication transaction is expected to close by early December. The transactions for the television and radio properties, which are expected to close by the second quarter of 2008, are subject to regulatory approval and other customary closing conditions.

Management expects to provide additional information regarding the transactions at the company’s 2007 Conference for Investors and Bankers on Nov. 13.

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