Investors Gabelli, Gamco to retain investment bank to evaluate options for LIN TV

By Lisa Kerner

Charlotte, N.C., May 22 - LIN TV Corp. shareholders led by Gabelli Funds, LLC and Gamco Asset Management Inc. purchased 48,900 shares of the company's stock between March 21 and May 18, priced from $14.72 to $18.92, according to a schedule 13D filed with the Securities and Exchange Commission. They also said they have hired an investment bank to advise.

The investors beneficially own 4,570,987 shares, or 16.76%, of the company's outstanding stock.

An entry on the Gabelli Blog, located at www.gabelli.com and reported to the SEC, states that the investors will retain investment bank Caymus to assist them in evaluating or developing alternatives to maximize value for LIN TV's shareholders.

"In light of the dynamics in the private equity market and the challenges we had in getting our clients an improvement in the terms of the LBO of Adesa, we believe it appropriate to engage an investment bank to assist us in the recently announced dynamics unfolding at LIN TV," the investors said in the filing.

"We may retain other investment bankers to make sure that our clients are participants in any attempts to surface the underlying values in going-private transactions where management or insiders are participants," the filing stated.

On May 18, LIN TV announced it will explore strategic alternatives, including a possible sale of the company, with the assistance of J.P. Morgan Securities Inc.

LIN TV, based in Providence, R.I., owns and operates television stations.

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