Lincoln Financial Group (NYSE: LNC) said on Monday it will sell three southeastern U.S. television stations and three Charlotte radio stations for a total of $683 million.
Lincoln Financial, a Philadelphia-based financial-services company will sell its three television stations in Charlotte, Richmond, and Charleston, as well as its sports syndication business, to Raycom Media for $583 million in cash.
Raycom has been a valuable partner in the sports syndication business and, given Raycom's presence in the southeastern U.S., is a logical partner for our television assets, said Lincoln Financial Group CEO Dennis Glass in a statement. Alabama-based Raycom owns several dozen television stations.
In a separate agreement with Greater Media, Lincoln Financial will sell its radio stations for $100 million in cash. Greater Media is the parent company of 20 AM and FM radio stations in Detroit, , Boston, New Jersey and Philadelphia. It also owns a print production of weekly newspapers in central New Jersey.
The transactions for the television and radio properties are expected to be completed by the second quarter of 2008 with the sports syndication due to close by early December this year.
Lincoln Financial Media owns and operates three television stations and 18 radio stations. The company said it plans to use the sale proceeds for debt reduction and stock repurchases.