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LIN TV Corp. Begins Trading On The NYSEPROVIDENCE, R.I.--(BUSINESS WIRE)--May 3, 2002
LIN TV Corp. (NYSE: TVL) today announced the initial public offering of 17,000,000 shares of its class A common stock at a price of $22 per share, resulting in gross proceeds of $374 million. In addition, the underwriters have the option to purchase up to an additional 2,550,000 shares to cover over-allotments. The shares commenced trading today on the New York Stock Exchange under the symbol "TVL." All of the shares being offered are being sold by LIN TV. Proceeds of the offering will be used to reduce indebtedness, including that of Sunrise Television Corp., which LIN TV acquired on May 2, 2002, to make certain payments related to the Sunrise acquisition and for general corporate purposes. Deutsche Bank Securities Inc. is sole book-running manager, with Bear, Stearns & Co. Inc. and J.P. Morgan Securities Inc. as co-lead managers and Credit Suisse First Boston Corporation and Morgan Stanley & Co. Incorporated as co-managers. A registration statement relating to these securities was filed and declared effective by the Securities and Exchange Commission. The public offering is being made by means of a prospectus. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction where such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. A copy of the prospectus relating to these securities may be obtained by contacting: Deutsche Bank Securities Inc.c/o Fulfillment Center
3921 Vero Road, Suite J
Baltimore, MD 21227
(410) 895-2080 LIN TV Corp. is the parent company of LIN Television Corporation and LIN Holdings Corp., which own and operate 26 television stations. CONTACT: Investors:LIN Television, Providence Deborah R. Jacobson, 401/457-9403 or Media:Kekst and Company, New York Mark Semer, 212/521-4802
