|[March 24, 2014]
Wolf Haldenstein Announces Investigation of LIN Media LLC
NEW YORK --(Business Wire)--
Wolf Haldenstein Adler Freeman & Herz LLP is investigating claims on
behalf of investors of LIN Media LLC ("LIN" or the "Company") (NYSE:LIN)
concerning the Company's proposed acquisition by Media General, Inc.
Under the terms of the transaction, LIN shareholders will receive either
$27.82 in cash or 1.5762 shares of the new holding company for each
share of LIN stock. While the consideration offered represents a 29.5%
one day premium, at least one analyst set a target price of $32.00 per
share and LIN's stock recently traded above the offer price at $29.24
per share on January 9, 2014.
Additionally, on February 6, 2014, LIN issued its financial results for
the fourth quarter and full year 2013, reporting strong increases in net
revenues, local revenues, and interactive revenues. Specifically, LIN
reported annual revenues of $652.4 million, an 18% increase compared to
2012. In addition, the company reported a 35% increase in local revenues
and an 85% incease in interactive revenues. LIN also reported that the
company's core local and national time sales increased 9% in the fourth
quarter and 24% for the full year, compared to 2012, while it expanded
local news at 11 television stations.
Given these facts, Wolf Haldenstein is investigating whether the LIN
directors are breaching their fiduciary duties by failing to adequately
shop the Company and maximize shareholder value. If you are a
shareholder of LIN Media LLC (NYSE: LIN) and would like additional
information concerning your rights in this matter, please contact us
Wolf Haldenstein has represented individual and institutional investors
for many years, serving as lead counsel in numerous cases in United
States federal and state courts. Please visit the Wolf Haldenstein
for more information about the firm.
Patrick Donovan, Esquire
Gregory Stone, Director of Case
and Financial Analysis
Wolf Haldenstein Adler Freeman & Herz LLP
New York, New York 10016
Phone (News - Alert) Numbers:
Donovan@whafh.com or firstname.lastname@example.org
and please reference "LIN Media LLC."
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