Lincoln TVs Going to Raycom for $583 Million

LINCOLN TVs GOING TO RAYCOM FOR $583 MILLION
[SOURCE: tvnewsday]
Lincoln Financial Group is selling its three television stations -- WBTV Charlotte, N.C. (CBS, DMA 25); WWBT Richmond, Va. (NBC, DMA 59); and WCSC Charleston, S.C. (CBS, DMA 100) -- as well as its sports syndication business, to Raycom Media for $583 million in cash. Raycom will net just two TV stations in the deal. Because Raycom already owns a TV station in Richmond, CBS affiliate WTVR, it will have to spin off either it or the newly acquired NBC affiliate, WWBT. FCC rules prohibit the ownership of two top-rated stations in one market. Raycom has not yet publicly indicated which station will go. Lincoln also announced that it is selling its Charlotte radio stations for $100 million in cash to Greater Media. Lincoln said it 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.
http://www.tvnewsday.com/articles/2007/11/12/daily.8/

* Raycom Grabs Lincoln Financial Stations
http://www.broadcastingcable.com/article/CA6500245.html?rssid=193