Exhibit 99.1
[LIN LOGO]
Contacts: Investors: Media:
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Deborah R. Jacobson Mark Semer
LIN TV Corp. Kekst and Company
(401) 457-9403 (212) 521-4802
LIN TV CORP. WITHDRAWS EARNINGS GUIDANCE
PROVIDENCE, RHODE ISLAND, March 26, 2003 -- In light of the military action in
Iraq, LIN TV Corp. ("LIN" or the "Company") (NYSE: TVL) today announced that it
has withdrawn its previous earnings guidance and is not currently prepared to
provide a revised outlook. Since March 19, 2003, the Company has experienced a
loss of advertising revenue and incurred additional broadcasting expenses,
trends that may continue through at least a portion of the second quarter of
2003.
This military action has resulted in disruptions to the Company's
television stations' regularly scheduled programming, and some of the Company's
clients have rescheduled or delayed advertising campaigns to avoid being
associated with war coverage. Advertisers may not agree to run such preempted
advertising in future time periods, and space may not be available for such
advertising. Historically, advertisers have withdrawn or delayed planned
advertising and have refrained from or reduced their purchase of future
advertising in anticipation of ongoing news coverage of military action. The
Company cannot predict the extent and duration of the disruption to its
programming schedule or the amount of advertising revenues that would be lost or
delayed as a result. In addition, the Company's television stations are expected
to incur additional expenses as a result of expanded news coverage of the war.
LIN believes that its stations have an obligation to provide thorough
and informative war coverage, despite the loss of advertising revenues that will
negatively impact the Company's financial results in the short term. LIN is
committed to providing quality news and public affairs product in each of its
markets, and to serving its local communities while maintaining a long-term
perspective for the Company.
This press release contains certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 with respect to the Company's financial
condition, revenue, expenses, results of operations and business and the impact
of military action in Iraq on the Company's advertising revenues and operating
expenses during the first and second quarters of 2003. All of these
forward-looking statements are based on estimates and assumptions made by the
Company's management, which, although the Company believes are reasonable, are
inherently uncertain. Therefore, investors should not place undue reliance
upon such estimates and
statements. These estimates or statements may not be realized and it is possible
that actual results will differ materially from those contemplated by such
forward-looking statements. Factors that may cause such differences include,
among other factors, the duration of any military action, the duration and
extent of network preemption of regularly scheduled programming, decisions by
advertisers to withdraw or delay planned advertising expenditures, general
economic conditions and competition for audience and programming. Factors that
could contribute to such differences include the risks detailed in the Company's
registration statements and periodic reports filed with the Securities and
Exchange Commission. By making these forward-looking statements, the Company
undertakes no obligation to update these statements for revision or changes
after the date hereof.
ABOUT LIN TV
LIN TV operates 24 television stations in 14 markets, two of which are LMAs. LIN
TV also owns approximately 20% of KXAS-TV in Dallas, Texas and KNSD-TV in San
Diego, California through a joint venture with NBC, and is a 50% non-voting
investor in Banks Broadcasting, Inc., which owns KWCV-TV in Wichita, Kansas and
KNIN-TV in Boise, Idaho.
Financial information and overviews of LIN TV's stations are available on the
Company's website at WWW.LINTV.COM.