LIN TV CorporationTVL

Morningstar Rating

Stock Research and Analysis

by Carlton Moore

LIN TV benefits from relationships with major television networks. However, the company's heavy debt load prevents us from assigning any value to its equity.

Despite a plethora of media options, TV viewing is still popular among consumers. Local broadcasters Read more

Bulls Say

LIN's affiliate agreements are well distributed among CBS, NBC, Fox, and other networks, so its revenue stream should not be overly affected by the performance of any particular network.

The advertising market will rebound eventually, and LIN TV will benefit as television has proved to be more effective with consumers than other advertising vehicles.

LIN was very successful in the most recent round of negotiations for retransmission consent fees. The fees, paid directly to the broadcaster from cable and satellite companies, are almost entirely profit. Read more

Bears Say

Traditional advertising spending will probably decline across most industries for the foreseeable future. This is bad news for LIN's bottom line.

LIN has a discomforting history of net income losses and write-downs of its intangible assets.

Since LIN TV went public in 2002, its shares have significantly underperformed the overall market. Read more

Strategy

LIN's strategy is to maintain as wide an audience as possible by providing quality programming to viewers. The company operates multiple stations and channels in most of its markets as it strives to Read more

Management

Vincent L. Sadusky has been president and CEO since 2006. He previously held the position of CFO with the firm. We are concerned about certain elements of LIN's corporate-governance structure. Private-equity firm HM Capital possesses more than 70% of Read more

Profile

LIN TV is an independent television station group. The company owns and operates about 27 stations located mostly in the Midwest and Atlantic regions, which combine to reach Read more

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