48-714: LIN Media was an American holding company founded in 1994 that operated 43 television stations. All except one were affiliates of the six major U.S. television networks . One of the remaining stations was a low-powered weather station in Indiana. LIN Media's chief executive officer was Vincent L. Sadusky. Sadusky had been LIN's chief financial officer, Vice President and treasurer since 2004, and had been CFO for Telemundo , working closely on its sale to GE / NBC . Sadusky had been interim CEO since former chairman Gary R. Chapman announced his impending retirement in June 2006, and through
96-469: A $ 1.6 billion deal. The merger was completed on December 19. Nexstar Broadcasting Group announced on January 27, 2016, that it would merge with Media General in a $ 4.6 billion acquisition; it then announced on June 13, 2016, that it would sell WLFI-TV and four other stations to Heartland Media, through its USA Television MidAmerica Holdings joint venture with MSouth Equity Partners, for $ 115 million, to comply with FCC ownership caps following
144-761: A 52% interest in LIN Broadcasting. McCaw was acquired by AT&T in 1994, after which LIN Broadcasting's television operations were spun off as a public company traded on the NASDAQ stock market and 45%-owned by AT&T. The new company, LIN Television Corporation , owned and/or operated 12 stations and its stock price increased at a compounded annual growth rate of 31% between 1994 and 1998. During this period LIN acquired WIVB-TV in Buffalo, New York and WTNH in New Haven, Connecticut . In March 1998, LIN TV
192-437: A consumer- and advertiser-friendly video player, a top 35 comScore display ad network, a highly effective Search Engine Optimization and Search Engine Marketing process, and acquired and integrated two companies that specialize in web development and lead generation, launched two top 100 comScore proprietary websites and services several Fortune 500 clients. A rebranding to LIN Media was announced on April 13, 2010; although
240-565: A deal with NBC to convert its Dayton station WDTN , along with the station LIN is operating WAND , both ABC affiliates to the network. As a response to the deal, Sinclair Broadcast Group signed two ex- NBC outlets with ABC . In February 2005, LIN TV announced purchase of two UPN stations WWHO in Columbus and WNDY in Indianapolis from Viacom . In late August 2005, LIN TV purchased several stations from Emmis Communications :
288-589: A matter of broadcast regulation . In the United States, a personal holding company is defined in section 542 of the Internal Revenue Code . A corporation is a personal holding company if both of the following requirements are met: A parent company is a company that owns enough voting power in another firm (or subsidiary ) to control management and operations by influencing or electing its board of directors . The definition of
336-436: A new set for its newscasts. The station's signal is multiplexed : WLFI formerly carried TheCoolTV on digital subchannel 18.2 from 2011 to 2013, when LIN Media terminated its affiliation agreement with the music video network. The live feed of "Storm Team 18 Live Doppler Radar" moved from digital subchannel 18.3 to 18.2 in the fall of 2013. Sony Pictures Television 's GetTV network, which features classic movies, replaced
384-425: A parent company differs from jurisdiction to jurisdiction, with the definition normally being defined by way of laws dealing with companies in that jurisdiction. When an existing company establishes a new company and keeps majority shares with itself, and invites other companies to buy minority shares, it is called a parent company. A parent company could simply be a company that wholly owns another company, which
432-605: A related but separate joint sales agreement. This was followed on September 2 by the announcement that LIN would be acquiring two of the ACME stations, WBDT in Dayton, Ohio and WIWB in Green Bay, Wisconsin . WIWB, which has since taken the new calls WCWF , would become owned by LIN outright while WBDT would be technically owned by Vaughan Media but controlled by LIN who would hold an ownership stake in that company. The FCC approved
480-472: A tending subsidiary of the purchasing company, which, in turn, becomes the parent company of the subsidiary. (A holding below 50% could be sufficient to give a parent company material influence if they are the largest individual shareholder or if they are placed in control of the running of the operation by non-operational shareholders.) In the United Kingdom, the term holding company is defined by
528-893: A transaction described as a "merger". The deal, worth an estimated $ 1.6 billion, would create an entity of 71 stations (adjusted for side deals and divestitures) that would reach approximately 24% of U.S. television households. In order to comply with FCC ownership rules as well as planned changes to rules regarding same-market television stations which would prohibit future joint sales agreements , Media General and LIN will divest and swap stations that both companies own in Birmingham , Green Bay , Mobile , Providence and Savannah . The companies swapped WTGS , WJAR , WLUK , and WCWF to Sinclair Broadcast Group in exchange for KXRM , KXTU , and WTTA . Hearst Television acquired WJCL and WVTM , and Meredith Corporation acquired WALA (Meredith later merged with Gray Television ). The deal
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#1732793306281576-466: Is defined by Part 1.2, Division 6, Section 46 of the Corporations Act 2001 (Cth) , which states: A body corporate (in this section called the first body) is a subsidiary of another body corporate if, and only if: Toronto-based lawyer Michael Finley has stated, "The emerging trend that has seen international plaintiffs permitted to proceed with claims against Canadian parent companies for
624-458: Is sometimes done on a per- market basis. For example, in Atlanta both WNNX and later WWWQ are licensed to "WNNX LiCo, Inc." (LiCo meaning "license company"), both owned by Susquehanna Radio (which was later sold to Cumulus Media ). In determining caps to prevent excessive concentration of media ownership , all of these are attributed to the parent company, as are leased stations , as
672-561: Is then known as a " wholly owned subsidiary ". WLFI-TV WLFI-TV (channel 18) is a television station in Lafayette, Indiana , United States, affiliated with CBS and The CW Plus . Owned by Allen Media Broadcasting , the station maintains studios on Yeager Road in West Lafayette ; its transmitter is located on County Road 700 in rural northwestern Clinton County (southwest of Rossville ). The station first signed on
720-428: Is to own stock of other companies to form a corporate group . In some jurisdictions around the world, holding companies are called parent companies , which, besides holding stock in other companies, can conduct trade and other business activities themselves. Holding companies reduce risk for the shareholders , and can permit the ownership and control of a number of different companies. The New York Times uses
768-480: The Companies Act 2006 at section 1159. It defines a holding company as a company that holds a majority of the voting rights in another company, or is a member of another company and has the right to appoint or remove a majority of its board of directors, or is a member of another company and controls alone, pursuant to an agreement with other members, a majority of the voting rights in that company. After
816-564: The Eastern Time Zone , the station's early evening newscast at 5 p.m. runs only for a half-hour, with the station opting to run syndicated programs during the 5:30 p.m. half-hour. Even after cable systems began piping in Indianapolis stations in the 1970s, the station's newscasts have performed well in the ratings ; its success was largely attributed to the longevity of most of its news staff, some of whom had been at
864-632: The financial crisis of 2007–2008 , many U.S. investment banks converted to holding companies. According to the Federal Financial Institutions Examination Council 's website, JPMorgan Chase , Bank of America , Citigroup , Wells Fargo , and Goldman Sachs were the five largest bank holding companies in the finance sector, as of December 2013 , based on total assets. The Public Utility Holding Company Act of 1935 caused many energy companies to divest their subsidiary businesses. Between 1938 and 1958
912-773: The EndPlay platform during 2010). On August 7, 2009, LIN TV introduced mobile TV BlackBerry service on six of its stations, with plans for 27 more stations to be added. The strategy accompanies a 20 percent second-quarter revenue decline at the same time digital revenue has risen 52 percent. On October 6, 2009, LIN TV acquired RM Media, an online advertising and media services startup based in Austin. RM Media connects targeted audiences with advertisers and publishers based on demographic, psychographic and consumer behaviors to enhance branding and maximize client return on investment. RM Media developed extensive proprietary technology including
960-896: The FCC later reassigned the allotment to Indianapolis used by WPDS-TV—now Fox affiliate WXIN —in February 1984.) The station changed its call letters to WLFI-TV in 1967. In 1979, the station was purchased by Block Communications . In 2000, LIN TV Corporation acquired WLFI from Block in exchange for a 67% ownership interest in ABC affiliate WAND (now an NBC affiliate) in Decatur, Illinois (LIN TV later sold off its remaining 33% interest in WAND to Block Communications). WLFI's broadcasts became digital-only, effective June 12, 2009. On March 21, 2014, Media General announced that it would merge with LIN Media in
1008-455: The United Kingdom, is generally held that an organisation holding a 'controlling stake' in a company (a holding of over 51% of the stock) is in effect the de facto parent company of the firm, having overriding material influence over the held company's operations, even if no formal full takeover has been enacted. Once a full takeover or purchase is enacted, the held company is seen to have ceased to operate as an independent entity but to have become
SECTION 20
#17327933062811056-476: The Web sites of all of the stations owned by LIN TV and those owned by Fox Television Stations . This division would be spun off in 2009 as the independent company Canvas Technology, which would change its name to EndPlay in 2010. With Fox Television Stations abandoning the EndPlay platform in favor of WorldNow during 2012, LIN TV will become EndPlay's largest client, followed by the E. W. Scripps Company (which adopted
1104-524: The air at 6 p.m. on June 15, 1953, as WFAM-TV, broadcasting on UHF channel 59. It was founded by O.E. Richardson, owner of radio station WASK (1450 AM). The station originally operated as a primary CBS and DuMont affiliate. During the late 1950s, the station was also briefly affiliated with the NTA Film Network . WFAM-TV's transmitter had originally broadcast at low power, making it unreceivable in parts of west-central Indiana outside of
1152-499: The allegedly wrongful activity of their foreign subsidiaries means that the corporate veil is no longer a silver bullet to the heart of a plaintiff's case." The parent subsidiary company relationship is defined by Part 1, Section 5, Subsection 1 of the Companies Act, which states: 5.—(1) For the purposes of this Act, a corporation shall, subject to subsection (3), be deemed to be a subsidiary of another corporation, if — In
1200-499: The company's search for a permanent replacement. He was installed as CEO upon Chapman's retirement on July 10, 2006. LIN TV's roots trace back to the founding of its former parent, LIN Broadcasting Corporation , in 1961. LIN Broadcasting was engaged in radio, television, direct marketing , information and learning, music publishing, and record labels. LIN takes its initials from three major cities. L ouisville, I ndianapolis and N ashville (all located on Interstate 65 ). The company
1248-558: The corporate name remained LIN TV Corporation, the new name emphasized the company's Internet and mobile interests. On June 4, 2010, LIN TV reached a deal with ACME Communications on a shared services agreement involving ACME and LIN-owned stations in the Green Bay, Dayton, and Albuquerque markets. LIN TV would then provide technical, engineering, promotional, administrative and other operational support services for ACME's CW stations, as well as provide advertising sales services under
1296-806: The deal was finalized in February 2012. On May 7, 2012, LIN TV announced that it will acquire the 13 television stations owned by New Vision Television for $ 330.4 million and the assumption of $ 12 million in debt. The agreement includes operational control of three stations currently owned by PBC Broadcasting involved in shared service agreements with New Vision-owned stations in three markets. The three PBC-owned stations ( KTKA-TV in Topeka, Kansas , WTGS in Savannah, Georgia and WYTV in Youngstown, Ohio ) were sold to Vaughan Media, but are operated by LIN TV under shared service agreements. The transaction
1344-469: The early 1980s the company entered the fledgling cellular telephone business. By 1983 the company owned seven television stations and by 1985 it owned and managed cellular telephone licenses serving Dallas , Houston , Los Angeles, New York City, and Philadelphia . LIN Broadcasting sold its paging operations and six of its radio stations in 1986 to help finance the development of its cellular business. In March 1990, McCaw Cellular Communications purchased
1392-676: The entire CBS network schedule; however, it airs the CBS Dream Team lineup in two blocks—with the first two hours airing on Saturday mornings (leading into the Saturday edition of CBS Mornings , which itself airs two hours later than most CBS stations that carry the broadcast) and the final hour airing on Sunday mornings. WLFI-TV presently broadcasts 22 + 1 ⁄ 2 hours of locally produced newscasts each week (with four hours each weekday, 1 + 1 ⁄ 2 hours on Saturdays and one hour on Sundays); unlike most CBS affiliates in
1440-492: The immediate Lafayette area. Out of its original 20-person staff, only one person had any experience in television; the rest were radio personalities who pulled double duty. In 1957, both the television station and the radio station were sold to assistant station manager Henry Rosenthal and his partners, who filed with the Federal Communications Commission (FCC) to move WFAM-TV to channel 18, but
1488-615: The merger. WLFI was one of the Lafayette area's two commercial network television broadcasters between its launch in 1953 and the 2016 launch of WPBI-LD , a Fox and NBC affiliate; the other station was WTTK (channel 29), a satellite station of WTTV that began broadcasting in 1988. Cable providers have long supplemented the area with stations from Indianapolis. Comcast Xfinity dropped the Indianapolis stations from its lineup on March 7, 2018, but resumed carriage of NBC affiliate WTHR and ABC affiliate WRTV two days later. WLFI-TV carries
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1536-466: The merger. On January 11, 2017, the FCC approved the sale of Media General to Nexstar Broadcasting Group ; the sale was completed on January 17. Stations are arranged alphabetically by state and by city of license . Holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose
1584-571: The number of holding companies declined from 216 to 18. An energy law passed in 2005 removed the 1935 requirements, and has led to mergers and holding company formation among power marketing and power brokering companies. In US broadcasting , many major media conglomerates have purchased smaller broadcasters outright, but have not changed the broadcast licenses to reflect this, resulting in stations that are (for example) still licensed to Jacor and Citicasters , effectively making them such as subsidiary companies of their owner iHeartMedia . This
1632-412: The sale of its share of WAND to Block Communications . With this sale, LIN TV no longer manages the station. On October 3, 2008, LIN TV's stations were dropped from Time Warner Cable , due to a dispute over "retransmission fees." LIN's stations returned to Time Warner on October 29, 2008. Also during Fall 2008, LIN TV and Fox Interactive Media developed a new Web CMS platform which would initially host
1680-577: The sales of WBDT and WCWF in April 2011. On March 4, 2011, LIN TV's contract with Dish Network expired, and all 31 LIN TV affiliated stations were pulled from local Dish Network broadcasts. LIN TV initially demanded a price increase of 140% from Dish Network, a number that skyrocketed to 175% after the contract expired. The channels returned to Dish Network on March 13, 2011. In 2011, LIN sold WWHO to Manhan Media, who entered into an SSA with Sinclair Broadcast Group , owners of WSYX and operators of WTTE ,
1728-655: The station for over 20 years, including former anchors Jeff Smith and Chris Morisse, sports anchor Larry Clisby and meteorologist Steve Scherer. In September 2012, WLFI became the third television station in Central Indiana to begin broadcasting its local newscasts in high definition ; as part of the upgrade, the station unveiled a new graphics package (a modified version of the package used by CBS owned-and-operated station WBBM-TV in Chicago from when it upgraded its newscasts to high definition in 2008 until 2010) and
1776-999: The station from 1983 to 1994, when it merged with AT&T. However, LIN TV had continued to operate it. In August, LIN TV helped finance the establishment of the now-defunct Banks Broadcasting, a minority-owned television broadcast company in which it held a 50% interest. Banks owned two stations – both of which became CW network affiliates under Banks: KWCV (now KSCW-DT ) in Wichita, Kansas and KNIN-TV in Boise, Idaho (the latter has since switched its network affiliation to Fox ). LIN TV purchased WAPA-TV in San Juan, Puerto Rico in October. In April 2000, LIN TV acquired WLFI-TV , serving West Lafayette, Indiana as well as Lafayette, Indiana in exchange for 66% of WAND. LIN continued to provide management oversight for WAND for several years after
1824-643: The station instead went dark in May 1959. Rosenthal sold the station to Sarkes Tarzian , a radio manufacturer based in Bloomington , which also owned primary NBC /secondary ABC and DuMont affiliate WTTV (now a CBS affiliate) in Indianapolis and ABC affiliate WPTA in Fort Wayne . It was Tarzian who finished the relocation to channel 18, returning WFAM-TV to the air on that channel on November 15 of that year. (The channel 59 allocation remained dormant until
1872-705: The stations purchased were WALA-TV and WBPG (now WFNA ) in Mobile, Alabama , WTHI-TV in Terre Haute, Indiana , KRQE in Albuquerque, New Mexico , and WLUK-TV in Green Bay, Wisconsin . In July 2006, LIN announced the planned purchase a second station in New Mexico, KASA-TV , from Raycom Media . In May 2006, LIN TV announced the sale of Puerto Rico stations WAPA-TV and WJPX to InterMedia Partners for $ 130 million. In November 2007, LIN TV completed
1920-673: The stations was completed in May. Also in May, LIN TV completed the issuance of 19.55 million shares of Class A Common Stock through its initial public offering on the New York Stock Exchange. In December 2002, LIN TV announced the sale of two television stations in Abilene and San Angelo, Texas . This was followed in January 2004 by the sale of a station in Flint, Michigan . In 2004, LIN TV announced that they signed
1968-540: The stock of Company B, Company A will not pay taxes on dividends paid by Company B to its stockholders, as the payment of dividends from B to A is essentially transferring cash within a single enterprise. Any other shareholders of Company B will pay the usual taxes on dividends, as they are legitimate and ordinary dividends to these shareholders. Sometimes, a company intended to be a pure holding company identifies itself as such by adding "Holding" or "Holdings" to its name. The parent company–subsidiary company relationship
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2016-1049: The swap was completed. LIN TV purchased WWLP in Springfield, Massachusetts in 2000. In 2001, LIN TV acquired WJPX and two satellite facilities in Puerto Rico, and the secondary commercial license of PBS member station WNEQ in Buffalo from the Western New York Public Broadcasting Association , re-launching it as commercial station WNLO . The company exercised and closed on options to purchase WOTV in Battle Creek, Michigan and WVBT in Norfolk, Virginia , both stations that it had already managed, in January 2002. In February, LIN TV agreed to acquire seven stations in six markets from Sunrise Television . The transaction of
2064-511: The term parent holding company . Holding companies can be subsidiaries in a tiered structure . Holding companies are also created to hold assets such as intellectual property or trade secrets , that are protected from the operating company. That creates a smaller risk when it comes to litigation . In the United States, 80% of stock, in voting and value, must be owned before tax consolidation benefits such as tax-free dividends can be claimed. That is, if Company A owns 80% or more of
2112-535: The weather radar channel on WLFI-DT2 in early 2015. In Fall 2015, WLFI-DT3 was launched to serve as an Ion Television affiliate. The CW Plus began to be broadcast over WLFI-DT2 in 720p HD in August 2017, moving GetTV to a new DT4 subchannel and leading to the CBS feed on their main channel being downscaled into 720p for the time being (presumably due to bandwidth limitations resulting from their encoding equipment, which
2160-716: Was acquired by Hicks, Muse, Tate & Furst , a leading private investment firm based in Dallas, Texas. At the time of the HMTF acquisition, LIN contributed its Dallas NBC affiliate, KXAS-TV , to a joint venture with the network that also held the San Diego affiliate ( KNSD ). Under HMTFs ownership, LIN Television has grown considerably through a wide range of transactions: In June 1999, LIN TV acquired WOOD-TV in Grand Rapids, Michigan . Former parent LIN Broadcasting had owned
2208-467: Was approved by shareholders on October 6, 2014, and by the FCC on December 12, 2014. The merger was completed on December 19. Although the combined company adopted the Media General name, the company was taken over by the principal staff of LIN, including CEO Vincent Sadusky, who replaced Media General's CEO George Mahoney post-merger. In total, 45 Media General staff members were laid off as part of
2256-598: Was based in Nashville where it owned WMAK. It purchased WAKY in Louisville and attempted to purchase WLRS . Although planned, it was never able to purchase a station in Indianapolis. The company purchased its first television station, WTVP (now WAND ) in Decatur, Illinois , at the end of 1965. It also briefly owned the catalogues of King Records and Starday Records in the early 1970s. LIN Broadcasting made acquisitions in broadcasting, expanded into paging , and in
2304-485: Was finalized on October 12. On February 13, 2013, LIN TV announced that it would be re-organized into a new company, LIN Media, LLC . Also on that date, LIN pulled out of its Station Venture Operations joint venture with NBCUniversal , giving NBC 100% ownership of KNSD and KXAS-TV. LIN paid NBC around $ 100 million to allow for the transaction. The re-organization was completed on July 30. On March 21, 2014, LIN announced that it would sell itself to Media General , in
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