SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
Form 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
June 24, 1994
----------------------------
Date of Report
(Date of earliest event reported)
LIN BROADCASTING CORPORATION
---------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-2481 62-0673800
- - ---------------- -------------------- ---------------
(State or other (Commission File No.) I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
5295 Carillon Point
Kirkland, Washington 98033
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(Address of principal executive offices, including zip code)
(206) 828-1902
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(Registrant's telephone number, including area code)
<PAGE>
<PAGE> 1
Item 2. Acquisition or Disposition of Assets
On June 24, 1994, LIN Broadcasting Corporation ("LIN" or the
"Company") announced that its subsidiary LCH Communications, Inc.
("LCH") has redeemed all of its outstanding Redeemable Preferred
Stock held by Comcast Cellular Communications Inc., a subsidiary
of Comcast Corp., in exchange for all of the capital stock of a
subsidiary of LCH, whose assets consist primarily of a 49.99
percent interest in the Philadelphia "A Block" cellular system
and GuestInformant (a publisher of advertiser-supported hard
cover magazines placed in hotel rooms). The redemption was
carried out pursuant to the terms of LCH's Certificate of
Incorporation.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(b) Pro Forma Financial Information
(1) Unaudited Pro Forma Balance Sheet at March 31,
1994
(2) Unaudited Pro Forma Statement of Income for the
Year Ended December 31, 1993
(3) Unaudited Pro Forma Statement of Income for the
Quarter Ended March 31, 1994
(c) Exhibits
99(a) Press Release, dated June 24, 1994
<PAGE>
<PAGE> 2
UNAUDITED PRO FORMA FINANCIAL STATEMENTS
The following unaudited Pro Forma Balance Sheet and
Statements of Income give effect to the redemption of the
Preferred Stock of LCH Communications, Inc. on June 24, 1994, the
acquisition of an additional 5.2% of the New York City cellular
licensee on May 31, 1994 and the proposed spin-off of LIN
Television Corporation ("LIN Television") (which is subject to
the satisfaction of several conditions - see Footnote 3 below)
(collectively, the "Transactions"). The Unaudited Pro Forma
Balance Sheet as of March 31, 1994 gives effect to the
Transactions as though they had occurred on March 31, 1994. The
Unaudited Pro Forma Income Statements give effect to the
Transactions as if they had occurred at the beginning of each
period presented. These Unaudited Pro Forma Financial Statements
have been prepared from the historical financial statements of
LIN Broadcasting Corporation and should be read in conjunction
therewith. This pro forma information is not necessarily
indicative of future operating results or financial position that
will occur after completion of all the Transactions.
<PAGE>
<PAGE> 3
<TABLE>
Unaudited Pro Forma Balance Sheet
March 31, 1994
($ in Thousands)
<CAPTION>
Pro Forma
LIN Pro Forma Pro Forma Results Pro Forma
Broadcasting Adjustments Adjustments Before Adjustments
Corporation for LCH for NY LIN TV for LIN TV Pro Forma
Historical Transaction Acquisition Transaction Transaction Results
----------- --------------- ---------- ----------- ----------- --------
ASSETS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Current Assets:
Cash and cash
equivalents $ 94,283 $(12,307) (1a) $145,039 (2a) $80,617 $(23,233) (3)$57,384
(1,359) (1b) (145,039) (2b)
Marketable
securities 13,334 -- -- 13,334 -- 13,334
Accounts receivable,
less allowance
for doubtful
accounts 166,934 (20,259) (1b) -- 146,675 (22,323) (3)124,352
Film contract rights,
prepaid expenses
and other current
assets 23,411 (2,038) (1b) -- 21,373 (273) (3) 21,100
------- ------- ------- ------- ------- -------
Total current
assets 297,962 (35,963) -- 261,999 (45,829) 216,170
------- ------- ------- ------- -------- -------
(continued)<PAGE>
<PAGE> 4
Unaudited Pro Forma Balance Sheet
March 31, 1994
($ in Thousands)
(continued)
<CAPTION>
Pro Forma
LIN Pro Forma Pro Forma Results Pro Forma
Broadcasting Adjustments Adjustments Before Adjustments
Corporation for LCH for NY LIN TV for LIN TV Pro Forma
Historical Transaction Acquisition Transaction Transaction Results
----------- --------------- ---------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Property and equipment,
less accumulated
depreciation 412,003 (958) (1b) -- 411,045 (39,861) (3) 371,184
Other noncurrent assets 61,017 (21) (1b) -- 60,996 (7,890) (3) 53,106
Investments in and
advances to unconsoli-
dated affiliates 269,428 (49,995) (1c) -- 219,433 -- 219,433
Intangible assets,
less accumulated
amortization 1,874,655 (6,527) (1b) 188,482 (2c)2,056,610 (84,255) (3)1,972,355
---------- ---------- -------- ---------- -------- ---------
Total assets $2,915,065 $(93,464) $188,482 $3,010,083 $(177,835) $2,832,248
========== ========= ======== ========== ========== ==========
(continued)<PAGE>
<PAGE> 5
Unaudited Pro Forma Balance Sheet
March 31, 1994
($ in Thousands)
(continued)
<CAPTION>
Pro Forma
LIN Pro Forma Pro Forma Results Pro Forma
Broadcasting Adjustments Adjustments Before Adjustments
Corporation for LCH for NY LIN TV for LIN TV Pro Forma
Historical Transaction Acquisition Transaction Transaction Results
----------- --------------- ---------- ----------- ----------- --------
LIABILITIES AND
STOCKHOLDERS' DEFICIT
<S> <C> <C> <C> <C> <C> <C> <C>
Current Liabilities:
Current portion of
long-term bank debt $161,013 $ -- $ -- $161,013 $(42,888) (3) $118,125
Accounts payable,
accrued expenses
and other current
liabilities 211,257 (9,273) (1b) -- 201,984 (39,507) (3) 162,477
------- -------- -------- ------- -------- -------
Total current
liabilities 372,270 (9,273) -- 362,997 (82,395) 280,602
Long-term bank debt 1,509,040 -- 145,039 (2a)1,654,079 (167,790) (3)1,486,289
Deferred income taxes 736,214 -- 55,416 (2d) 791,630 (28,629) (3) 763,001
Film contract rights
and other noncurrent
liabilities 12,200 -- -- 12,200 (3,944) (3) 8,256
Minority interests in
equity of consolidated
subsidiaries 63,096 -- (11,973) (2e) 51,123 -- 51,123
Redeemable preferred
stock of a subsidiary 1,338,823 (1,338,823) (1d) -- -- -- --
(continued)<PAGE>
<PAGE> 6
Unaudited Pro Forma Balance Sheet
March 31, 1994
($ in Thousands)
(continued)
<CAPTION>
Pro Forma
LIN Pro Forma Pro Forma Results Pro Forma
Broadcasting Adjustments Adjustments Before Adjustments
Corporation for LCH for NY LIN TV for LIN TV Pro Forma
Historical Transaction Acquisition Transaction Transaction Results
----------- --------------- ---------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C>
Stockholders' Deficit:
Common stock 553 -- -- 553 -- 553
Paid-in capital 225,062 754,681 (1e) -- 979,743 104,923 (3)1,084,666
Deficit (1,165,300) 499,951 (1f) -- (665,349) -- (665,349)
---------- --------- -------- -------- ------- --------
(939,685) 1,254,632 -- 314,947 104,923 419,870
Less common stock in
treasury, at cost (176,893) -- -- (176,893) -- (176,893)
---------- --------- -------- -------- ------- --------
Total stock-
holders' deficit(1,116,578) 1,254,632 -- 138,054 104,923 242,977
---------- --------- -------- -------- ------- --------
Total liabilities
and stockholders'
deficit $2,915,065 $(93,464) $188,482 $3,010,083 $(177,835) $2,832,248
========== ========= ======= ========== ========= =========
See accompanying notes to unaudited pro forma financial statements.<PAGE>
<PAGE> 7
Unaudited Pro Forma Statement of Income
Year Ended December 31, 1993
($ in Thousands)
<CAPTION>
Pro Forma
LIN Pro Forma Pro Forma Results Pro Forma
Broadcasting Adjustments Adjustments Before Adjustments
Corporation for LCH for NY LIN TV for LIN TV Pro Forma
Historical Transaction Acquisition Transaction Transaction Results
----------- --------------- ---------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Revenues $688,557 $(22,893) (1a) $ -- $665,664 $(127,542) (3) $538,122
Operating Costs and Expenses:
Direct operating 123,081 (7,610) (1a) -- 115,471 (35,104) (3) 80,367
Selling, general and
administrative 261,549 (12,771) (1a) -- 248,778 (30,747) (3) 218,031
Corporate expenses 8,340 -- -- 8,340 -- 8,340
Depreciation 45,940 (191) (1a) -- 45,749 (5,151) (3) 40,598
Amortization of
intangible assets 79,190 (239) (1a) 7,225 (2a) 86,176 (2,769) (3) 83,407
Provision for loss on
cellular equipment 42,152 -- -- 42,152 -- 42,152
------- -------- ------- ------- ------- -------
560,252 (20,811) 7,225 546,666 (73,771) 472,895
------- -------- ------- ------- -------- -------
Operating Income 128,305 (2,082) (7,225) 118,998 (53,771) 65,227
------- -------- ------- ------- -------- -------
(continued)<PAGE>
<PAGE> 8
Unaudited Pro Forma Statement of Income
Year Ended December 31, 1993
($ in Thousands)
(continued)
<CAPTION>
Pro Forma
LIN Pro Forma Pro Forma Results Pro Forma
Broadcasting Adjustments Adjustments Before Adjustments
Corporation for LCH for NY LIN TV for LIN TV Pro Forma
Historical Transaction Acquisition Transaction Transaction Results
----------- --------------- ---------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Other Income (Expense):
Equity in income of
unconsolidated
affiliates 103,125 (8,556) (1b) -- 94,569 -- 94,569
Investment and
other income 7,015 (39) (1a) -- 6,976 (797) (3) 6,179
Interest expense (95,407) -- (6,846) (2b) (102,253) 13,678 (3) (88,575)
------- -------- ------- ------- ------- --------
14,733 (8,595) (6,846) (708) 12,881 12,173
Income Before Income
Tax Expense and
Minority Interests 143,038 (10,677) (14,071) 118,290 (40,890) 77,400
Income Tax Expense 65,569 (1,543) (1a) (4,930) (2c) 59,096 (17,083) (3) 42,013
------- -------- ------- ------- -------- --------
Income Before Minority
Interests 77,469 (9,134) (9,141) 59,194 (23,807) 35,387
(continued)<PAGE>
<PAGE> 9
Unaudited Pro Forma Statement of Income
Year Ended December 31, 1993
($ in Thousands)
(continued)
<CAPTION>
Pro Forma
LIN Pro Forma Pro Forma Results Pro Forma
Broadcasting Adjustments Adjustments Before Adjustments
Corporation for LCH for NY LIN TV for LIN TV Pro Forma
Historical Transaction Acquisition Transaction Transaction Results
----------- --------------- ---------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C>
Minority Interests:
In net income of
consolidated
subsidiaries (3,896) -- 5,187 (2d) 1,291 -- 1,291
Provision for preferred
stock dividends of
a subsidiary (134,300) 134,300 (1c) -- -- -- --
------- -------- ------- ------- ------- --------
Net Income (Loss) $(60,727) $125,166 $(3,954) $60,485 $(23,807) $36,678
========= ======== ========= ======== ======== ========
Net Income (Loss)
Per Share $(1.18) $1.17 $0.71
======= ====== ======
Average Common and
Equivalent Shares
Outstanding 51,445 51,756 51,756
See accompanying notes to unaudited pro forma financial statements.<PAGE>
<PAGE> 10
Unaudited Pro Forma Statement of Income
Three Months Ended March 31, 1994
($ in Thousands)
<CAPTION>
Pro Forma
LIN Pro Forma Pro Forma Results Pro Forma
Broadcasting Adjustments Adjustments Before Adjustments
Corporation for LCH for NY LIN TV for LIN TV Pro Forma
Historical Transaction Acquisition Transaction Transaction Results
----------- --------------- ---------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Revenues $191,627 $(6,583) (1a) $ -- $185,044 $(30,971) (3) $154,073
Operating Costs and
Expenses:
Direct costs and
expenses 128,516 (5,694) (1a) -- 122,822 (18,358) (3) 104,464
Corporate expenses 2,613 -- -- 2,613 -- 2,613
Depreciation 13,081 (54) (1a) -- 13,027 (1,340) (3) 11,687
Amortization of
intangible assets 19,701 (60) (1a) 1,806 (2a) 21,447 (692) (3) 20,755
------- ------- ------- ------- ------- -------
163,911 (5,808) 1,806 159,909 (20,390) 139,519
------- ------- ------- ------- ------- -------
Operating Income 27,716 (775) (1,806) 25,135 (10,581) 14,554
Other Income (Expense):
Equity in income of
unconsolidated
affiliates 31,848 (2,202) (1b) -- 29,646 -- 29,646
Investment and other
income 1,237 (9) (1a) -- 1,228 (205) (3) 1,023
Interest expense (22,520) -- (1,617) (2b) (24,137) 2,892 (3) (21,245)
------- ------- ------- ------- ------- --------
10,565 (2,211) (1,617) 6,737 2,687 9,424
(continued)<PAGE>
<PAGE> 11
Unaudited Pro Forma Statement of Income
Three Months Ended March 31, 1994
($ in Thousands)
(continued)
<CAPTION>
Pro Forma
LIN Pro Forma Pro Forma Results Pro Forma
Broadcasting Adjustments Adjustments Before Adjustments
Corporation for LCH for NY LIN TV for LIN TV Pro Forma
Historical Transaction Acquisition Transaction Transaction Results
----------- --------------- ---------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C>
Income Before Income Tax
Expense and Minority
Interests 38,281 (2,986) (3,423) 31,872 (7,894) 23,978
Income Tax Expense 12,914 (502) (1a) (1,196) (2c)11,216 (1,818) (3) 9,398
------- ------- ------- ------- ------- -------
Income Before Minority
Interests 25,367 (2,484) (2,227) 20,656 (6,076) 14,580
Minority Interests:
In net income of
consolidated
subsidiaries (6,887) -- 1,336 (2d)(5,551) -- (5,551)
Provision for preferred
stock dividends of
a subsidiary (33,575) 33,575 (1c) -- -- -- --
------- ------- ------- ------- ------- -------
Net Income (Loss) $(15,095) $31,091 $(891) $15,105 $(6,076) $9,029
========= ======== ======== ======== ======== ========
Net Income (Loss)
Per Share $(0.29) $0.29 $0.17
======= ===== =====
Average Common and
Equivalent Shares
Outstanding 51,511 51,970 51,970
See accompanying notes to unaudited pro forma financial statements.
</TABLE>
<PAGE>
<PAGE> 12
Notes to Unaudited Pro Forma Financial Statements
Unaudited Pro Forma Balance Sheet
---------------------------------
Note 1-LCH Transaction
On June 24, 1994, the Company's subsidiary, LCH
Communications, Inc., redeemed all of its outstanding Redeemable
Preferred Stock held by Comcast Cellular Communications Inc., a
subsidiary of Comcast Corp., in exchange for all of the capital
stock of a subsidiary of LCH, whose assets consist primarily of a
49.99 percent interest in the Philadelphia "A Block" cellular
system and GuestInformant. The following pro forma adjustments
results from the transaction:
(a) To reflect a payment to Comcast Cellular in connection
with the transaction.
(b) To reflect the disposition of the various
GuestInformant asset and liability accounts.
(c) To reflect the disposition of the unconsolidated
investment in the Philadelphia cellular system.
(d) To reflect the redemption of the Redeemable Preferred
Stock.
(e) To reflect the difference between the book value of the
Preferred Stock and the fair values of the assets exchanged.
(f) To reflect the excess of the fair values of the assets
exchanged over their book values as well as the reversal of the
dividends accrued on the Preferred Stock during the three months
ended March 31, 1994.
Note 2-New York Acquisition
On May 31, 1994, the Company completed the acquisition of an
additional 5.2% indirect interest in the New York City cellular
licensee for approximately $145 million in cash, bringing the
Company's total interests in the New York City licensee to 98.3%.
The following pro forma adjustments result from the transaction:
(a) To reflect borrowing of the purchase price on the
Company's cellular bank credit facility.
(b) To reflect payment of the purchase price.<PAGE>
<PAGE> 13
(c) To reflect the excess of the purchase price over the
fair values of the underlying tangible assets as intangible
assets.
(d) To reflect additional deferred tax liabilities as a
result of the difference between the book and tax bases of the
purchased intangible assets pursuant to SFAS No. 109, "Accounting
for Income Taxes".
(e) To reflect a reduction in the minority interest
accounts.
Note 3-LIN Television Transaction
In the LIN Television transaction, the Company intends to
distribute the common stock of its subsidiary LIN Television to
the Company's stockholders on a tax-free basis. LIN Television
owns six network affiliated television stations. The Company
would continue to own one network affiliated television station
(WOOD-TV) in addition to its cellular businesses. The pro forma
balance sheet reflects the removal of LIN Television's various
asset and liability accounts. The LIN Television transaction is
subject to approval by the Federal Communications Commission,
obtaining a private letter ruling from the Internal Revenue
Service that neither the Company nor any of its stockholders will
be required to recognize gain or loss or include any amount in
income as a result of the distribution and certain other
conditions. The LIN Television transaction is expected to close
by year-end.
<PAGE>
<PAGE> 14
Unaudited Pro Forma Statement of Income
---------------------------------------
Note 1-LCH Transaction
(a) To reflect the removal of GuestInformant's operating
results.
(b) To reflect the removal of equity in unconsolidated
affiliates related to the Philadelphia cellular system.
(c) To reflect the reversal of dividends accrued on the
Preferred Stock.
Note 2-New York Acquisition
(a) To reflect amortization of intangible assets recorded
as a result of the transaction.
(b) To reflect interest expense on the additional
borrowings.
(c) To reflect a decrease in the income tax provision as a
result of the transaction due to additional interest expense, and
the effect of the SFAS No. 109 adjustment discussed above.
(d) To reflect a decrease in the minority interests in net
income of consolidated subsidiaries as a result of the
transaction.
Note 3-LIN Television Transaction
To reflect the removal of LIN Television results of
operations.<PAGE>
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this amendment to be
signed on its behalf by the undersigned thereunto duly
authorized.
LIN BROADCASTING CORPORATION
By DONALD GUTHRIE
---------------------------
Donald Guthrie, Senior Vice
President and Chief Financial
Officer
Dated: September 20, 1994
<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit
Number
99(a) Press Release, dated June 24, 1994.
