LIN TV Corp., the owner or operator of 43 U.S. television stations, plans to convert into a limited liability company to reduce its federal taxes.
The Providence, Rhode Island-based broadcaster said the transaction has been approved by the board and will be voted on by shareholders on July 30, according to a regulatory filing today. The plan was first announced in February.
The change will allow the new Lin Media to reduce the liabilities from its gain of $715.5 million on the sale of its interest in a station venture with Comcast Corp.’s NBCUniversal. Investors will receive one share of the new company for each they now own, according to the filing. Lin TV is controlled by Royal W. Carson III and HM Capital Partners, according to today’s filing.
Lin fell 0.1 percent to $15.78 at the close in New York. The filing was made after markets closed. The shares have more than doubled this year.