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Group buys former Armour meatpacking site in Stockyards

The 16.8-acre site of the historic, former Armour meatpacking plant in Fort Worth’s Stockyards has changed hands, and its new owners aren’t saying anything about their plans. Chesapeake Land Development Co., which bought the site

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Hulen Pointe Shopping Center sold

Hulen Pointe Shopping Center, located in southwest Fort Worth on South Hulen Street one mile south of Hulen Mall, has been purchased by Addison-based Bo Avery with TriMarsh Properties for an undisclosed price.

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Dallas-Fort Worth in top five commercial real estate markets in 2015

According to the Emerging Trends in Real Estate 2015 report, just co-published by PwC US and the Urban Land Institute (ULI), Dallas-Fort Worth ranks No. 5, with two other Texas cities, Houston and Austin ranking at No. 1 and 2 respectively. San Francisco ranks No. 3 and Denver No. 4.

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Social House Fort Worth plans to open mid-November

Social House has leased 5,045 square feet at 2801-2873 W Seventh St. in Fort Worth, according to Xceligent Inc.

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Ski Grand Prairie? TCU, UTA grad helping bring snow to Metroplex

For Levi Davis last week may have been a career peak, in more ways than one.

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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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