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26-story mixed-use tower planned at Taylor & Fifth in downtown Fort Worth

Jetta Operating Co., a 24-year-old privately held oil and gas company in Fort Worth, and a related entity plan a 26-story mixed-use tower downtown at Taylor and Fifth streets on a site once owned by the Star-Telegram.

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UPDATE: Six candidates file for two Water Board seats

Six candidates have filed for the two open seats on the Tarrant Regional Water Board, setting up a battle that could potentially shift the balance of power on the board and the priorities of one of the largest water districts in Texas.

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Fort Worth breaks ground on $8.6 million South Main renovation

Fort Worth Near Southsiders and city officials broke ground Monday on the 18-month rebuild of South Main Street between Vickery Boulevard and West Magnolia Avenue.

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Body-camera maker has financial ties to former Fort Worth police chief, others

IOWA CITY, Iowa (AP) — Taser International, the stun-gun maker emerging as a leading supplier of body cameras for police, has cultivated financial ties to police chiefs whose departments have bought the recording devices, raising a host of conflict-of-interest questions.

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Fort Worth Police association planning 25,000-square-foot offices

The POA, which recently demolished its one-story building at 904 Collier St. near downtown, is planning a five-story replacement.

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Media General to acquire Austin-based LIN Media

Crayton Harrison
(c) 2014, Bloomberg News.


NEW YORK — Media General Inc. has agreed to acquire LIN Media for about $1.6 billion, winning a prized collection of local-TV stations in an industrywide race to take advantage of climbing fees from cable providers.

LIN's shareholders will get stock or cash worth $27.82 a share, the companies said, a 29 percent premium to yesterday's closing price. Including debt of $968 million, the purchase would be valued at $2.6 billion, or 10.5 times estimated earnings, slightly above other recent TV deals, according to Paul Sweeney, a Bloomberg Industries analyst.

The transaction adds to more than $10 billion in U.S. TV acquisitions in the past year by companies such as Tribune Co. and Gannett Co. Payments by cable companies to carry local broadcasts have made the business more lucrative, providing a new source of revenue on top of ad sales, and LIN was considered an attractive takeover candidate, Sweeney said.

"They have a strong management team that's really made a huge commitment to digital media, to migrating the television business online," he said. "They've got good TV stations and a growing digital business."

Tribune acquired Local TV Holdings's 19 TV stations for $2.73 billion in December, the same month Gannett closed its $1.5 billion purchase of Belo Corp. Sinclair Broadcast Group Inc. announced $2 billion in deals last year.

Media General has been less active, making it a surprise winner in the pursuit of LIN, Sweeney said. The company, backed by Warren Buffett and Mario Gabelli, did spend $860 million last year to buy New Young Broadcasting Holding Co.

When the LIN acquisition is complete, Media General will have 74 local stations across the U.S., reaching 26.5 million, or 23 percent, of the country's households, the companies said. LIN Chief Executive Officer Vincent Sadusky will lead the combined company.

The deal allows LIN to respond to inquiries from other bidders until April 25. If another company makes a qualifying, superior offer by May 15, the bidder would have to pay a $26.6 million breakup fee.

To complete the LIN transaction, Richmond, Va.-based Media General will form a new holding company, giving its own shareholders one share for each they own in the current entity. Investors of Providence, Austin-based LIN can opt for 1.5762 shares of the new company or $27.82 in cash, up to a maximum of $763 million in cash payouts, the companies said. LIN once owned a part of KXAS in Fort Worth, but left the partnership in 2013.  

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