AUSTIN, Texas--(BUSINESS WIRE)--LIN Media LLC (“LIN Media”; NYSE:LIN), a local multimedia company, announced that it has completed its acquisition of the stock of Federated Media Publishing, Inc. (“Federated Media”), the industry-leading digital content and conversational marketing company, for $22.4 million. The transaction will be treated as an asset acquisition for tax purposes and the purchase price is inclusive of $3.6 million of net working capital. On February 6, 2014 at 9:00 AM (ET), the Company will further discuss this acquisition during its regularly scheduled fourth quarter and full year 2013 earnings call.
“We are pleased to have closed on our third digital acquisition in the past twelve months and our largest to-date,” said Vincent L. Sadusky, President and Chief Executive Officer of LIN Media. “Federated Media complements our strategy of building a different kind of digital media business that drives scale, synergies and opportunities to further expand our national, regional and local sales channels.”
Federated Media’s premiere network of influential content marketing publishers and a client roster that includes prominent brands and agencies generated approximately $37 million of revenue during 2013. Federated Media has been the leader in conversational marketing for years and as a result of this acquisition, Federated Media’s independent publishers will be able to further monetize their content by leveraging LIN Media’s expertise, relationships and resources. Additionally, clients will benefit from deeper engagement, more robust native ad solutions and premium video and social platform offerings that have distinct competitive advantages from the other mechanistic or bulk media buying options available today.
“LIN Media is a true partner that helps agencies and brands effectively and efficiently reach their target audiences at scale by utilizing our portfolio of video, display, mobile, social and content platforms, as well as our comScore Top 15 Video and Top 25 Display market share,” said Robb Richter, LIN Media’s Senior Vice President Digital. “Federated Media’s talented employees are energized by our investment to further grow and innovate this strong and stable business. Our entire sales force is eager to roll out our expanded set of offerings.”
About LIN Media
LIN Media is a local multimedia company that operates or services 43 television stations and seven digital channels in 23 U.S. markets, along with a diverse portfolio of websites, apps and mobile products that make it more convenient to access its unique and relevant content on multiple screens. LIN Media’s highly-rated television stations deliver important local news and community stories along with top-rated sports and entertainment programming to 10.5% of U.S. television homes.
The Company’s growing digital media portfolio helps agencies and brands effectively and efficiently reach their target audiences at scale by utilizing its ComScore Top 15 Video and Top 25 Display market share, and the latest in conversational marketing, video, display, mobile, social intelligence and monetization, as well as reporting across all screens.
LIN Media is traded on the NYSE under the symbol “LIN”.
Forward-Looking Statements
This press release includes statements that constitute "forward-looking statements," including statements regarding our future plans and operations. Forward-looking statements inherently involve risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. Factors that could contribute to such differences include, but are not limited to, our ability to successfully expand our digital operations and other risks detailed in our periodic reports filed with the Securities and Exchange Commission. Reports may be accessed online at www.sec.gov or www.linmedia.com. By making these forward-looking statements, we undertake no obligation to update these statements for revisions or changes after the date of this press release.
