Hicks Muse to Buy LIN TV for $1.7 Billion

Buyout firm Hicks, Muse, Tate & Furst Inc. agreed to buy LIN Television Corp., the nation’s 22nd-largest TV group, for about $1.7 billion, or $47.50 a share, in cash, the companies said. That is more than 2% below LIN’s closing share price of $48.63, up 75 cents, on Nasdaq. Providence, R.I.-based LIN owns and operates eight network-affiliated TV stations; its flagship station is KXAS, the NBC affiliate in Dallas. LIN was formed in December 1994 as a spinoff from LIN Broadcasting Corp. AT&T; Corp. owns about 45% of LIN Television. Dallas-based Hicks Muse has committed more than $600 million of equity capital to the deal, making it the firm’s largest investment since its formation in 1989.