Lin Television Corp

Buyout firm Hicks, Muse, Tate & Furst Inc. agreed to buy LIN Television Corp., the nation's 22nd-largest TV group, for about $1.7 billion, or $47.50 a share, in cash, the companies said. That is more than 2% below LIN's closing share price of $48.63, up 75 cents, on Nasdaq. Providence, R.I.-based LIN owns and operates eight network-affiliated TV stations; its flagship station is KXAS, the NBC affiliate in Dallas. LIN was formed in December 1994 as a spinoff from LIN Broadcasting Corp. AT&T Corp.

Hicks, Muse, Tate & Furst, a closely held investment firm, is combining LIN Television Corp. and Chancellor Media Corp. in a $1.67-billion transaction to build a radio and television business to rival CBS Corp. and other bigger companies. The move lets Chancellor, the second-largest U.S. radio broadcaster, enter the television business for the first time. LIN, which Hicks Muse bought in March, owns eight network-affiliated stations and has stakes in four others.

LIN Television Corp. accepted a sweetened offer of $1.9 billion from the Dallas-based investment firm Hicks, Muse, Tate & Furst Inc. The move comes one day after Raycom Media Inc. had raised its bid for the Providence-based broadcaster to $1.7 billion. Hicks Muse will pay $55 a share in cash, or about $250 million more than it first bid in August. Hicks Muse plans to use LIN's eight stations and management as the foundation for an effort to become one of the nation's largest station owners.

LIN Television Corp. accepted a sweetened offer of $1.9 billion from the Dallas-based investment firm Hicks, Muse, Tate & Furst Inc. The move comes one day after Raycom Media Inc. had raised its bid for the Providence-based broadcaster to $1.7 billion. Hicks Muse will pay $55 a share in cash, or about $250 million more than it first bid in August. Hicks Muse plans to use LIN's eight stations and management as the foundation for an effort to become one of the nation's largest station owners.

Hicks, Muse, Tate & Furst, a closely held investment firm, is combining LIN Television Corp. and Chancellor Media Corp. in a $1.67-billion transaction to build a radio and television business to rival CBS Corp. and other bigger companies. The move lets Chancellor, the second-largest U.S. radio broadcaster, enter the television business for the first time. LIN, which Hicks Muse bought in March, owns eight network-affiliated stations and has stakes in four others.

LIN Television Corp. received a surprise bid from Raycom Media Inc. that tops an offer of $1.7 billion from Hicks, Muse, Tate & Furst Inc., sources familiar with the transaction said. Raycom, a TV company controlled by Retirement Systems of Alabama, is offering more than $51 to $54 a share in cash, or as much as $1.93 billion, source said. LIN said earlier that an unnamed company bid more than Hicks Muse's $47.50-a-share offer.

LIN Transfer Gets OK: The Federal Communications Commission said it would allow LIN Broadcasting Corp. to transfer control of the licenses of seven TV stations to a new firm, LIN Television Corp. The commission said it would remain neutral on whether the transfer would affect the $6.5-billion hostile bid that McCaw Cellular Communications has made for LIN. LIN's lucrative cellular holdings include a Los Angeles franchise.

Chancellor Media Corp., the second-largest U.S. radio broadcaster, said it will buy a 20% stake in Z Spanish Media Corp. of Sacramento for $25 million as part of a plan to invest in broadcast properties owned by various ethnic groups. Irving, Texas-based Chancellor will also join with Capstar Broadcasting Corp., Lin Television Corp. and TSG Capital Group in an alliance to pursue other such investments in TV and radio.

Chancellor Media Corp. said Monday that it has decided not to put itself up for sale and will scrap a proposed $1.64-billion takeover of Lin Television Corp., instead realigning its business to focus on radio broadcasting and billboard advertising. The realignment, which includes a management shake-up and a hefty investment in the firm by its biggest shareholder--Hicks, Muse, Tate & Furst--comes after Chancellor spent two months talking to potential buyers of all or part of the company.

The Dallas Cowboys' Michael Irvin and Erik Williams settled their defamation lawsuit Wednesday against a Dallas-Fort Worth television station for reporting sexual assault allegations that police later said were false. Attorney Peter Ginsberg and an official for the Dallas-Fort Worth television station said they could not disclose details of the settlement with KXAS reporter Marty Griffin and Lin Television Corp., parent company for KXAS.

LIN Television Corp. received a surprise bid from Raycom Media Inc. that tops an offer of $1.7 billion from Hicks, Muse, Tate & Furst Inc., sources familiar with the transaction said. Raycom, a TV company controlled by Retirement Systems of Alabama, is offering more than $51 to $54 a share in cash, or as much as $1.93 billion, source said. LIN said earlier that an unnamed company bid more than Hicks Muse's $47.50-a-share offer.

Buyout firm Hicks, Muse, Tate & Furst Inc. agreed to buy LIN Television Corp., the nation's 22nd-largest TV group, for about $1.7 billion, or $47.50 a share, in cash, the companies said. That is more than 2% below LIN's closing share price of $48.63, up 75 cents, on Nasdaq. Providence, R.I.-based LIN owns and operates eight network-affiliated TV stations; its flagship station is KXAS, the NBC affiliate in Dallas. LIN was formed in December 1994 as a spinoff from LIN Broadcasting Corp. AT&T Corp.

Chancellor Media Corp., the nation's second-largest radio company, is acquiring its first foothold in Mexico with the purchase of a 50% stake in its largest radio broadcaster, Grupo Radio Centro, for $237 million. The deal announced Friday came two days after Chancellor's leading shareholder, investment firm Hicks, Muse, Tate & Furst Inc., had said it will combine Chancellor with LIN Television Corp. in a $1.67-billion transaction to build a U.S. radio and television empire.

Young Broadcasting Inc., the parent of KCAL-TV Channel 9 in Los Angeles, said Monday that it might put itself up for sale, a move analysts said could fetch up to $1.9 billion. Young bought KCAL in 1996 from Walt Disney Co. for about $368 million after Disney acquired ABC and its locally owned station, KABC-TV Channel 7. New York-based Young, which owns a dozen TV stations, hired investment banking firm Lazard Freres & Co. to explore the broadcaster's options, including the possible sale.