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BUSINESS
March 8, 1995 | Times Staff and Wire Reports
LIN Broadcasting Stake Valued at $3.3 Billion: The wireless communications firm is 52%-owned by AT&T, which is weighing whether to buy the rest. The investment banking firm Wasserstein Perella & Co. valued the shares at $127.50 each, or about $6.8 billion, and $3.3 billion for what AT&T doesn't already own. The valuation is almost exactly halfway between appraisals commissioned by the two companies.
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BUSINESS
June 9, 1994 | JOHN LIPPMAN, TIMES STAFF WRITER
New World Communications Group, which shook up the media world two weeks ago when it announced it would convert eight CBS stations it owns to Fox affiliates, is negotiating to acquire WSMV-TV in Nashville, Tenn., industry sources said Wednesday. New World would switch the popular NBC affiliate to Fox, the sources said. Fox is currently carried on WZTV-TV in the market. The deal is reportedly valued at more than $100 million, sources added. WSMV is owned by Cook Inlet Communications Corp.
BUSINESS
May 26, 1989
LIN Plans Spinoff: LIN Broadcasting Corp., which has interests in television, cellular telephone service and publishing, said its board has approved in principle spinning off its seven TV stations as a separate company. The company, a frequent subject of takeover speculation, said the spinoff would be "for operating purposes aimed at maximum development of the company's two principal businesses, each of which will operate as an independent publicly held company." Wall Streeters pushed the company's stock sharply higher on the news, and LIN's stock rose $4.75 a share to $101 in over-the-counter trading.
BUSINESS
December 4, 1989 | From Times Wire Services
McCaw Cellular Communications Inc. today made another revised bid to the board of LIN Broadcasting Corp. by offering about $154 a share in its attempt to gain a majority interest in the New York company. With the new offer, McCaw put on the back burner a revised cash and stock offer made last week that entailed having the LIN board issue 46.1 million new shares that would be purchased by McCaw.
BUSINESS
July 13, 1988 | States News Service
A group including McCaw Cellular Communications Inc. has increased its stake in Lin Broadcasting Corp. to 7.64%, according to a filing with the Securities and Exchange Commission. In a July 8 letter to Lin Broadcasting President Donald A. Pels, McCaw President Wayne Perry said his firm plans to buy more Lin Broadcasting shares because the New York company's litigation with Metromedia Inc. has decreased the price of its stock to a level that "represents a tremendous bargain."
BUSINESS
December 11, 1989 | From Times Wire Services
BellSouth Corp. said today that it will drop its agreement to merge with LIN Broadcasting Corp., which is pursuing another combination with McCaw Cellular Communications Inc., under a $66.5-million termination deal. BellSouth's offer to terminate the previous agreement also includes a provision for McCaw to contribute $26.5 million to Los Angeles RCC's Inc., of which BellSouth owns 85% and McCaw 15%. The California company owns an equity interest in Los Angeles Cellular Telephone Co.
BUSINESS
December 5, 1989 | LINDA WILLIAMS, TIMES STAFF WRITER
After nearly six months of struggling, directors of Lin Broadcasting on Monday abruptly voted to sell a controlling stake to McCaw Cellular Communications for $3.4 billion. The vote, coming after McCaw again raised its offering price, drew McCaw closer to victory in a high stakes battle for control of some of the most lucrative cellular telephone properties in the world. In light of rival BellSouth Corp.'s failure to make a counteroffer to McCaw's bid of $154.
BUSINESS
December 4, 1989 | From Times Wire Services
McCaw Cellular Communications Inc. today made another revised bid to the board of LIN Broadcasting Corp. by offering about $154 a share in its attempt to gain a majority interest in the New York company. With the new offer, McCaw put on the back burner a revised cash and stock offer made last week that entailed having the LIN board issue 46.1 million new shares that would be purchased by McCaw.
BUSINESS
December 11, 1989 | From Times Wire Services
BellSouth Corp. said today that it will drop its agreement to merge with LIN Broadcasting Corp., which is pursuing another combination with McCaw Cellular Communications Inc., under a $66.5-million termination deal. BellSouth's offer to terminate the previous agreement also includes a provision for McCaw to contribute $26.5 million to Los Angeles RCC's Inc., of which BellSouth owns 85% and McCaw 15%. The California company owns an equity interest in Los Angeles Cellular Telephone Co.
BUSINESS
June 9, 1994 | JOHN LIPPMAN, TIMES STAFF WRITER
New World Communications Group, which shook up the media world two weeks ago when it announced it would convert eight CBS stations it owns to Fox affiliates, is negotiating to acquire WSMV-TV in Nashville, Tenn., industry sources said Wednesday. New World would switch the popular NBC affiliate to Fox, the sources said. Fox is currently carried on WZTV-TV in the market. The deal is reportedly valued at more than $100 million, sources added. WSMV is owned by Cook Inlet Communications Corp.
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