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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 Form 10-Q
 þ
    
    Quarterly Report pursuant to Section 13 OR 15 (d) of the Securities Exchange Act of
1934
 For the quarterly period ended March 31, 2006
 Commission file number: 001-31311
    
    Commission file number: 000-25206LIN TV Corp.
    
    LIN Television Corporation(Exact name of registrant as
    
    (Exact name of registrant asspecified in its charter)
    
    specified in its charter)Delaware
    
    Delaware(State or other jurisdiction of
    
    (State or other jurisdiction ofincorporation or organization)
    
    incorporation or organization)05-0501252
    
    13-3581627(I.R.S. Employer
    
    (I.R.S. EmployerIdentification No.)
    
    Identification No.)
 Four Richmond Square, Suite 200, Providence, Rhode Island 02906  (Address of principal executive offices)
 (401) 454-2880  (Registrants telephone number, including area code)
 þ o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
 o þ




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##### Table of Contents



Table of Contents
 Part I. Financial InformationItem 1. Financial StatementsLIN TV Corp.Condensed Consolidated Balance Sheets
    
    
    2Condensed Consolidated Statements of Operations
    
    
    3Condensed Consolidated Statements of Cash Flows
    
    
    4Notes to Condensed Consolidated Financial Statements
    
    
    5(See separate index for financial statements of LIN Television Corporation)
    
    
    28Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    14Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    23Item 4. Controls and Procedures
    
    
    23Part II. Other InformationItem 1. Legal Proceedings
    
    
    24Item 1A. Risk Factors
    
    
    24Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    24Item 3. Defaults Upon Senior Securities
    
    
    25Item 4. Submission of Matters to a Vote of Security Holders
    
    
    25Item 6. Exhibits
    
    
    25Signature Page
    
    
    27Certification of the CEO Pursuant to Section 302 - LIN TV Corp.Certification of the CFO Pursuant to Section 302 - LIN TV Corp.Certification of the CEO Pursuant to Section 302 - LIN Television CorporationCertification of the CFO Pursuant to Section 302 - LIN Television CorporationCertification Pursuant to Section 906 - LIN TV Corp.Certification Pursuant to Section 906 - LIN Television Corporation
 1




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##### Table of Contents



PART I: FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 LIN TV CORP.
 
 CONDENSED CONSOLIDATED BALANCE SHEETS
 March 31,
    
    
    December 31,2006
    
    
    2005(Unaudited)(In thousands, except share data)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    6,338
    
    
    $
    11,135Accounts
receivable, less allowance for doubtful accounts (2006  $1,368;
2005  $1,148)
    
    
    81,544
    
    
    
    85,575Program rights
    
    
    17,645
    
    
    
    25,960Other current assets
    
    
    4,634
    
    
    
    3,534Total current assets
    
    
    110,161
    
    
    
    126,204Property and equipment, net
    
    
    228,294
    
    
    
    237,676Deferred financing costs
    
    
    19,625
    
    
    
    20,173Equity investments
    
    
    64,088
    
    
    
    63,526Program rights
    
    
    14,253
    
    
    
    7,307Other assets
    
    
    23,248
    
    
    
    19,766Goodwill
    
    
    623,383
    
    
    
    623,383Broadcast licenses and other intangible assets, net
    
    
    1,307,217
    
    
    
    1,308,598Total assets
    
    $
    2,390,269
    
    
    $
    2,406,633LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    7,415
    
    
    $
    8,292Accrued interest expense
    
    
    16,360
    
    
    
    6,553Accrued sales volume discount
    
    
    934
    
    
    
    5,287Other accrued expenses
    
    
    26,073
    
    
    
    23,480Program obligations
    
    
    23,903
    
    
    
    30,375Total current liabilities
    
    
    74,685
    
    
    
    73,987Long-term debt
    
    
    973,233
    
    
    
    981,714Deferred income taxes, net
    
    
    439,302
    
    
    
    439,619Program obligations
    
    
    9,394
    
    
    
    7,343Other liabilities
    
    
    58,209
    
    
    
    60,540Total liabilities
    
    
    1,554,823
    
    
    
    1,563,203Preferred stock of Banks Broadcasting, Inc., $0.01 par value, 179,322 shares
issued and outstanding at March 31, 2006 and December 31, 2005
    
    
    14,319
    
    
    
    14,558Stockholders equity:Class A common stock, $0.01 par value, 100,000,000 shares authorized,
28,596,665 shares at March 31, 2006 and 28,562,583 shares at December 31, 2005,
issued and outstanding
    
    
    286
    
    
    
    286Class B common stock, $0.01 par value, 50,000,000 shares authorized, 23,502,059
shares at March 31, 2006 and 23,502,059 shares at December 31, 2005,
issued and outstanding; convertible into an equal number of shares of Class A or Class C
common stock
    
    
    235
    
    
    
    235Class C common stock, $0.01 par value, 50,000,000 shares authorized, 2 shares at
March 31, 2006 and December 31, 2005, respectively, issued and outstanding; convertible
into an equal number of shares of Class A common stock
    
    
    
    
    
    
    Treasury stock, 963,228 shares and 368,728 shares of class A common stock at
March 31, 2006 and December 31, 2005, respectively, at cost
    
    
    (10,427
    )
    
    
    (4,777
    )Additional paid-in capital
    
    
    1,078,928
    
    
    
    1,076,704Accumulated deficit
    
    
    (232,227
    )
    
    
    (227,908
    )Accumulated other comprehensive loss
    
    
    (15,668
    )
    
    
    (15,668
    )Total stockholders equity
    
    
    821,127
    
    
    
    828,872Total liabilities, preferred stock and stockholders equity
    
    $
    2,390,269
    
    
    $
    2,406,633
  2




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LIN TV CORP.
 
  (In thousands, except per share information)
  Three Months Ended March 31,2006
    
    
    2005Net revenues
    
    $
    100,814
    
    
    $
    78,844Operating costs and expenses:Direct operating (excluding depreciation of $10.6 million and $7.8
million for the three months ended March 31, 2006 and 2005,
respectively)
    
    
    33,347
    
    
    
    26,416Selling, general and administrative
    
    
    33,476
    
    
    
    24,762Amortization of program rights
    
    
    7,418
    
    
    
    5,855Corporate
    
    
    5,772
    
    
    
    5,255Depreciation and amortization of intangible assets
    
    
    11,952
    
    
    
    8,039Total operating costs
    
    
    91,965
    
    
    
    70,327Operating income
    
    
    8,849
    
    
    
    8,517Other (income) expense:Interest expense, net
    
    
    16,748
    
    
    
    10,910Share of income in equity investments
    
    
    (1,580
    )
    
    
    (246
    )Minority interest in loss of Banks Broadcasting, Inc.
    
    
    (239
    )
    
    
    (212
    )(Gain) loss on derivative instruments
    
    
    (1,046
    )
    
    
    501Loss on extinguishment of debt
    
    
    
    
    
    
    12,309Other, net
    
    
    10
    
    
    
    401Total other expense, net
    
    
    13,893
    
    
    
    23,663Loss before benefit from income taxes
    
    
    (5,044
    )
    
    
    (15,146
    )Benefit from income taxes
    
    
    (725
    )
    
    
    (4,826
    )Net loss
    
    $
    (4,319
    )
    
    $
    (10,320
    )Basic and diluted loss per common share:Net loss
    
    
    (0.09
    )
    
    
    (0.20
    )Weighted  average number of common shares outstanding used
in calculating basic and diluted loss per common share
    
    
    50,787
    
    
    
    50,512
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LIN TV CORP.
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (unaudited)
 Three months ended March 31,2006
    
    
    2005(In thousands)OPERATING ACTIVITIES:Net loss
    
    $
    (4,319
    )
    
    $
    (10,320
    )Adjustment to reconcile net loss to net cash provided by operating activities:Depreciation and amortization of intangible assets
    
    
    11,952
    
    
    
    8,039Amortization of financing costs and note discounts
    
    
    2,162
    
    
    
    1,769Amortization of program rights
    
    
    7,418
    
    
    
    5,855Program payments
    
    
    (7,208
    )
    
    
    (6,346
    )Loss on extinguishment of debt
    
    
    
    
    
    
    12,309(Gain) loss on derivative instruments
    
    
    (1,046
    )
    
    
    501Share of income in equity investments
    
    
    (1,580
    )
    
    
    (246
    )Deferred income taxes, net
    
    
    (317
    )
    
    
    (5,197
    )Stock-based compensation
    
    
    1,933
    
    
    
    1,129Other, net
    
    
    (20
    )
    
    
    484Changes in operating assets and liabilities, net of acquisitions and disposals:Accounts receivable
    
    
    3,811
    
    
    
    9,627Other assets
    
    
    (2,641
    )
    
    
    (1,849
    )Accounts payable
    
    
    (877
    )
    
    
    (2,195
    )Accrued interest expense
    
    
    9,807
    
    
    
    2,447Accrued sales volume discount
    
    
    (4,353
    )
    
    
    (5,078
    )Other liabilities
    
    
    (1,774
    )
    
    
    1,775Net cash provided by operating activities
    
    
    12,950
    
    
    
    12,704INVESTING ACTIVITIES:Capital expenditures
    
    
    (1,190
    )
    
    
    (1,544
    )Capital contribution from minority interest in Banks Broadcasting, Inc.
    
    
    
    
    
    
    550Distributions from equity investments
    
    
    1,018
    
    
    
    3,055Payments for business combinations, net of cash acquired
    
    
    
    
    
    
    (85,000
    )USDTV investment and other investments, net
    
    
    (1,941
    )
    
    
    13Net cash used in investing activities
    
    
    (2,113
    )
    
    
    (82,926
    )FINANCING ACTIVITIES:Net proceeds on exercises of employee stock options and phantom stock
units and employee stock purchase plan issuances
    
    
    111
    
    
    
    1,326Proceeds from issuance of long-term debt
    
    
    
    
    
    
    345,000Long-term debt financing costs
    
    
    
    
    
    
    (5,655
    )Net (repayments of) proceeds from revolver debt
    
    
    (10,000
    )
    
    
    50,000Principal payments on long-term debt
    
    
    
    
    
    
    (324,940
    )Treasury stock purchased
    
    
    (5,650
    )
    
    
    Cash expenses associated with early extinguishment of debt
    
    
    (95
    )
    
    
    (7,087
    )Net cash (used in) provided by financing activities
    
    
    (15,634
    )
    
    
    58,644Net decrease in cash and cash equivalents
    
    
    (4,797
    )
    
    
    (11,578
    )Cash and cash equivalents at the beginning of the period
    
    
    11,135
    
    
    
    14,797Cash and cash equivalents at the end of the period
    
    $
    6,338
    
    
    $
    3,219
  4




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LIN TV CORP.
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 Note 1  Basis of Presentation
       st
  Note 2
 Stock-Based Compensation
  5




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LIN TV CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
   Three Months EndedMarch 31, 2005Net loss, as reported
    
    $
    (10,320
    )Add: Stock-based employee compensation expense,
included in reported net income, net of related tax effect
    
    
    733Deduct: Total stock-based employee compensation
expense determined under the fair value based
method for all awards, net of related tax effect
    
    
    (350
    )Pro forma net loss
    
    $
    (9,937
    )Basic and diluted net loss per common share, as reported
    
    $
    (0.20
    )Basic and diluted net loss per common share, pro forma
    
    $
    (0.20
    )
  Note 3  Acquisitions and Dispositions
 Acquisition Reserves:
 Balance as
    
    
    
    
    
    
    
    
    
    
    Balance asof December
    
    
    
    
    
    
    
    
    
    
    of March 31,Acquisition Date
    
    31, 2005
    
    
    Payments
    
    
    Adjustments
    
    
    2006Acquisition of Sunrise Television Corp.
    
    May 2, 2002
    
    
    211
    
    
    
    29
    
    
    
    
    
    
    
    182Stations acquired from Viacom
    
    March 31, 2005
    
    
    295
    
    
    
    
    
    
    
    
    
    
    
    295Stations acquired from Emmis
    
    November 30, 2005
    
    $
    7,910
    
    
    $
    319
    
    
    $
    20
    
    
    
    7,611$
    8,416
    
    
    $
    348
    
    
    $
    20
    
    
    $
    8,088
  6




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LIN TV CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 Pro
Forma:
 Three MonthsEnded March 31,2005Net revenues
    $
    
    95,733Operating income
    
    
    7,919Net loss
    
    
    (13,243
    )Basic and diluted net loss per common share, as reported
    $
    
    (0.20
    )Basic and diluted net loss per common share, pro forma
    $
    
    (0.26
    )
 Note 4  Investments
  March 31,
    
    
    December 31,2006
    
    
    2005NBC Universal joint venture
    
    $
    55,442
    
    
    $
    54,803WAND (TV) Partnership
    
    
    8,519
    
    
    
    8,595Other
    
    
    127
    
    
    
    128$
    64,088
    
    
    $
    63,526
 Joint
Venture with NBC Universal:
 7




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LIN TV CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
  Three Months EndedMarch 31,2006
    
    2005Revenue
    
    $
    24,641
    
    
    $
    18,306Other expense
    
    
    (16,509
    )
    
    
    (16,854
    )Net income
    
    
    8,132
    
    
    
    1,452March 31,
    
    December 31,2006
    
    2005Current assets
    
    $
    11,443
    
    
    $
    10,617Non-current assets
    
    
    234,781
    
    
    
    232,075Current liabilities
    
    
    1,087
    
    
    
    724Non-current liabilities
    
    
    815,500
    
    
    
    815,500
  WAND (TV) Partnership:
  Three Months EndedMarch 31,2006
    
    2005Net revenues
    
    $
    1,894
    
    
    $
    1,509Operating (loss) income
    
    
    (4
    )
    
    
    112Net loss
    
    
    (227
    )
    
    
    (149
    )March 31,
    
    December 31,2006
    
    2005Current assets
    
    $
    2,152
    
    
    $
    2,398Non-current assets
    
    
    20,177
    
    
    
    20,702Current liabilities
    
    
    738
    
    
    
    1,276Non-current liabilities
    
    
    9
    
    
    
    14
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LIN TV CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 Note 5  Intangible Assets
  Estimated
    
    March 31,
    
    
    December 31,Remaining UsefulLife (Years)
    
    2006
    
    
    2005Amortizing Intangible Assets:LMA purchase options
    
    1
    
    $
    4,212
    
    
    $
    4,212Network affiliations
    
    1
    
    
    1,753
    
    
    
    1,753Other intangibles
    
    1-27
    
    
    6,025
    
    
    
    6,025Accumulated amortization
    
    
    
    
    (6,067
    )
    
    
    (4,686
    )5,923
    
    
    
    7,304Indefinite-lived Intangible Assets:Broadcast licenses
    
    
    
    
    1,301,294
    
    
    
    1,301,294Goodwill
    
    
    
    
    623,383
    
    
    
    623,383$
    1,924,677
    
    
    $
    1,924,677Goodwill
    
    
    
    
    623,383
    
    
    
    623,383Broadcast licenses and other intangible assets, net
    
    
    1,307,217
    
    
    
    1,308,598Total intangible assets
    
    
    
    $
    1,930,600
    
    
    $
    1,931,981
  March 31,
    
    For the year ended December 31,2005
    
    2006
    
    2006
    
    2007
    
    2008
    
    2009
    
    2010
    
    ThereafterAmortization expense
    
    $
    266
    
    
    $
    1,381
    
    
    $
    2,510
    
    
    $
    165
    
    
    $
    127
    
    
    $
    37
    
    
    $
    36
    
    
    $
    3,048
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LIN TV CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 Note 6 Debt
  March 31,
    
    
    December 31,2006
    
    
    2005Credit Facility
    
    $
    306,000
    
    
    $
    316,0006 1/2% Senior Subordinated Notes due 2013
    
    
    375,000
    
    
    
    375,000$190,000, 6 1/2% Senior Subordinated Notes  Class B due 2013
(net of discount of $13,817 and $14,283 at March 31, 2006
and December 31, 2005, respectively)
    
    
    176,183
    
    
    
    175,717$125,000, 2.50% Exchangeable Senior Subordinated Debentures due
2033 (net of discount of $8,950 and $10,003 at March 31, 2006
and December 31, 2005, respectively)
    
    
    116,050
    
    
    
    114,997Total long-term debt
    
    $
    973,233
    
    
    $
    981,714
 Note 7  Related Party Transactions
 Financial Advisory Agreement :
 Centennial Cable of Puerto Rico:
 Note 8  Contingencies
 GECC
Note.
 
    
    GECC could force LIN TV Corp. to sell the stock of LIN Television held by LIN TV Corp. to
satisfy outstanding amounts under the GECC note;
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LIN TV CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
    
    if more than 50% of the ownership of LIN Television had to be sold to satisfy the GECC
Note, it could cause an acceleration of the Companys credit facility and notes; and
    
    if the GECC note is prepaid because of an acceleration on default or otherwise, or if
the note is repaid at maturity, the Company may incur a substantial tax liability.
  Note 9  Retirement Plans
   Three Months EndedMarch 31,2006
    
    
    2005Service cost
    
    $
    625
    
    
    $
    549Interest cost
    
    
    1,400
    
    
    
    1,350Expected return on plan assets
    
    
    (1,475
    )
    
    
    (1,435
    )Amortization of prior service cost
    
    
    30
    
    
    
    30Amortization of net loss
    
    
    320
    
    
    
    241Net periodic benefit cost
    
    $
    900
    
    
    $
    735
  Note 10  Earnings per Share
  11




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LIN TV CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 Note
11  Share Repurchase Program
  Note
12  Recent Accounting Pronouncements
     )
 12




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LIN TV CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
 13




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Special Note About Forward-Looking Statements
  
    
    volatility and changes in our advertising revenues;
    
    the outbreak and duration of hostilities or the occurrence of terrorist attacks and the
duration and extent of network preemption of regularly scheduled programming and decisions
by advertisers to withdraw or delay planned advertising expenditures as a result of military
action or terrorist attacks;
    
    restrictions on our operations due to, and the effect of, our significant leverage;
    
    effects of complying with accounting standards, including with respect to the treatment
of our intangible assets;
    
    inability to consummate acquisitions on attractive terms;
    
    increases in our cost of borrowings or inability or unavailability of additional debt or equity capital;
    
    increased competition, including from newer forms of entertainment and entertainment
media or changes in the popularity or availability of programming;
    
    increased costs, including increased capital expenditures as a result of necessary
technological enhancements such as expenditures related to the transition to digital
broadcasting, or acquisitions or increased programming costs;
    
    effects of our control relationships, including the control that Hicks Muse and its
affiliates have with respect to corporate transactions and activities we undertake;
    
    adverse state or federal legislation or regulation or adverse determinations by
regulators including adverse changes in, or interpretations of, the exceptions to the FCC
duopoly rule; and
    
    changes in general economic conditions in the markets in which we compete.
  14




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Executive Summary
   
    
    We repurchased 594,500 shares of common stock for approximately $5.7 million for the
three months ended March 31, 2006, pursuant to our board of directors approved stock
repurchase program.
    
    We invested an additional $1.9 million in U.S. Digital Television Incorporated
(USDTV) for a total investment of $5.0 million. USDTV is a wireless video program
subscription service that uses a portion of the broadcast television spectrum to
broadcast a multi-channel program service to viewers.
 Industry Trends
  
    
    Political revenues from elections and revenues from Olympic games, which generally
occur in even years, create fluctuations in our operating results when comparing first
quarter of 2006 with the same period of 2005. According to the Television Bureau of
Advertising, U.S. television station advertising increased 7.4% in the first quarter of
2006 compared to a decrease of 3.0% in the first quarter of 2005, respectively.
(source: Television Bureau of Advertising).
    
    Automotive-related advertising represents approximately 24% and
26% of our total net revenues for the three months ended March 31, 2006 and 2005,
respectively. A significant change in these advertising revenues could materially
affect our future results of operations.
    
    Approximately $1.9 billion, or 81%, of our total assets as of March 31, 2006
consisted of unamortized intangible assets. Intangible assets principally include
broadcast licenses and goodwill. SFAS No. 142, Goodwill and Other Intangible Assets,
requires, among other things, the impairment testing of goodwill. If the fair value of
these intangible assets decreased, we could be required to incur an impairment charge
that could significantly adversely impact our reported results of operations and
stockholders equity. Our common stock traded at a price that
resulted in a market
capitalization of $352.5 million less than total stockholders equity as of March
31, 2006 and our market capitalization has been less than total stockholders equity
since April 2005. If we are required to write down intangible assets in future
periods, it would reduce net income, which in turn could have a material adverse effect
on the results of operations and the trading price of LIN TV Corp.s class A common
stock.
 15




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Critical Accounting Policies and Estimates
   Off-Balance Sheet Arrangements
 GECC Note
  Future Program Rights Agreements
  16




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Results of Operations
  Three Months EndedMarch 31,
    
    
    %2006
    
    
    2005
    
    
    ChangeNational time sales (before agency commissions)
    
    $
    34,958
    
    
    $
    27,928
    
    
    
    25
    %Local time sales (before agency commissions)
    
    
    75,002
    
    
    
    57,404
    
    
    
    31
    %Political time sales (before agency commissions)
    
    
    1,850
    
    
    
    284
    
    
    
    551
    %Agency commissions (related to time sales)
    
    
    (16,986
    )
    
    
    (13,561
    )
    
    
    25
    %Network compensation
    
    
    818
    
    
    
    2,820
    
    
    
    -71
    %Barter revenue
    
    
    2,568
    
    
    
    1,866
    
    
    
    38
    %Other revenue
    
    
    2,604
    
    
    
    2,103
    
    
    
    24
    %Net revenue
    
    
    100,814
    
    
    
    78,844
    
    
    
    28
    %Operating costs and expenses:Direct operating1
    
    
    33,347
    
    
    
    26,416
    
    
    
    26
    %Selling, general and administrative
    
    
    33,476
    
    
    
    24,762
    
    
    
    35
    %Amortization of program rights
    
    
    7,418
    
    
    
    5,855
    
    
    
    27
    %Corporate
    
    
    5,772
    
    
    
    5,255
    
    
    
    10
    %Depreciation and amortization of
intangible assets
    
    
    11,952
    
    
    
    8,039
    
    
    
    49
    %Total operating costs and expenses
    
    
    91,965
    
    
    
    70,327
    
    
    
    31
    %Operating income
    
    $
    8,849
    
    
    $
    8,517
    
    
    
    4
    %
 
 1
 Net revenues
  Operating Costs and Expenses
 Direct operating expenses (excluding depreciation and amortization of intangible assets),
 17




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##### Table of Contents



Selling, general and administrative expenses,
 Amortization of program rights
 Corporate expenses
 Depreciation and amortization of intangible assets
 Other (Income) Expense
 Interest expense
  Three Months EndedMarch 31,2006
    
    
    2005Components of interest expense, including discount and financing fee amortizationCredit Facility
    
    $
    5,069
    
    
    $
    2,3446 1/2% Senior Subordinated Notes
    
    
    6,337
    
    
    
    5,4076 1/2% Senior Subordinated Notes-Class B
    
    
    3,677
    
    
    
    2.50% Exchangeable Senior Subordinated Debentures
    
    
    1,871
    
    
    
    1,8708% Senior Notes
    
    
    
    
    
    
    1,501Other interest (income) expense, net
    
    
    (206
    )
    
    
    (212
    )Total interest expense, net
    
    $
    16,748
    
    
    $
    10,910
 Interest expense, net
 Gain on derivative instruments
 18




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##### Table of Contents



Other Items
  Provision for Income Taxes
  Liquidity and Capital Resources
  Description of Indebtedness
  March 31,
    
    
    December 31,2006
    
    
    2005Credit Facility
    
    $
    306,000
    
    
    $
    316,0006 1/2% Senior Subordinated Notes due 2013
    
    
    375,000
    
    
    
    375,0006 1/2%
Senior Subordinated Notes due 2013  Class B (net of discount of $13,817 and
$14,283 at March 31, 2006 and December 31, 2005, respectively)
    
    
    176,183
    
    
    
    175,717$125,000, 2.50% Exchangeable Senior Subordinated Debentures due
2033 (net of discount of $8,950 and $10,003 at March 31, 2006 and
 December 31, 2005, respectively)
    
    
    116,050
    
    
    
    114,997Total long-term debt
    
    $
    973,233
    
    
    $
    981,714
   19




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##### Table of Contents



1 2 1 2
 1 2 1 2
 1 2 1 2 1 2 1 2
 Contractual Obligation s
  April -December2006
    
    
    2007-2008
    
    
    2009-2011
    
    
    Thereafter
    
    
    TotalPrincipal payments and mandatory
redemptions on debt (1)
    
    $
    
    
    
    $
    51,563
    
    
    $
    254,437
    
    
    $
    690,000
    
    
    $
    996,000Cash
interest on debt (2)
    
    
    44,702
    
    
    
    113,964
    
    
    
    149,175
    
    
    
    118,538
    
    
    
    426,379Program
payments (3)
    
    
    23,204
    
    
    
    47,124
    
    
    
    27,185
    
    
    
    4,212
    
    
    
    101,725Operating
leases (4)
    
    
    823
    
    
    
    1,921
    
    
    
    2,178
    
    
    
    9,073
    
    
    
    13,995Local marketing agreement payments (5)
    
    
    319
    
    
    
    423
    
    
    
    
    
    
    
    
    
    
    
    742Acquisitions of broadcast licenses and
operating assets (6)
    
    
    912
    
    
    
    3,000
    
    
    
    
    
    
    
    
    
    
    
    3,912Total
    
    $
    69,960
    
    
    $
    217,995
    
    
    $
    432,975
    
    
    $
    821,823
    
    
    $
    1,543,753
 
 (1)
    
    We are obligated to repay the revolving portion of our credit facility on November 4,
2011. We are required to make mandatory payments on our term loans in the amount of $10.3
million per quarter starting December 31, 2007 and additional payments based on certain
debt transactions or the disposal of certain assets. We are obligated to repay the
remaining balance of our term loans on November 4, 2011. We are obligated to pay our 61/2%
Senior Subordinated Notes and our 61/2% Senior Subordinated Notes  Class B in May 2013 and
our 2.50% Exchangeable Senior Subordinated Debentures in May 2033. The holders of our 2.50%
Exchangeable Senior 20




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##### Table of Contents



Subordinated Debentures can require us to purchase all or a portion of
the debentures on each of May 15, 2008, 2013, 2018, 2023 and 2028.(2)
    
    We have contractual obligations to pay cash interest on our credit facility through
2011, our 61/2% Senior Subordinated Notes and our 61/2% Senior Subordinated Notes  Class B
through 2013, and our 2.50% Exchangeable Senior Subordinated Debentures through 2033. We
may pay contingent interest to holders of the debentures during any six-month period
commencing May 15, 2008, if the average trading price of the debentures for a five trading
day measurement period immediately preceding the first day of the applicable six-month
period equals 120% or more of the principal amount of the debentures. The contingent
interest equals 0.25% per annum per $1,000 principal amount of debentures. In addition, we
are obligated to pay commitment fees of approximately 0.30% on the unused portion of the
revolving credit facility.(3)
    
    We have entered into commitments to purchase future syndicated news, entertainment, and
sports programming. We have recorded $33.3 million of program obligations as of March 31,
2006 and have unrecorded commitments of $68.4 million for programming that is not available
to air as of March 31, 2006.(4)
    
    We lease land, buildings, vehicles and equipment under non-cancelable operating lease
agreements.(5)
    
    We have entered into local marketing agreements to operate KNVA-TV, WNAC-TV and WBPG-TV
for a fixed amount totaling $0.7 million as of March 31, 2006.(6)
    
    We have entered into option agreements that would enable us to purchase KNVA-TV and
WNAC-TV for a fixed amount under certain conditions in which we are committed to pay
minimum future fees totaling $0.9 million as of March 31, 2006. We have also entered into
an asset purchase agreement to acquire WBPG-TV for $3.0 million pending FCC regulatory
approval.
 Net
cash provided by operating activities
 Net cash used in investing activities
 Net cash used by financing activities 1 2
  21




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##### Table of Contents



Recent Accounting Pronouncements
     ) .
 22




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##### Table of Contents



Item 3. Quantitative and Qualitative Disclosures About Market Risk
       
 Item 4. Controls and Procedures
   23




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##### Table of Contents



Part II: Other Information
 
 Item 1. Legal Proceedings
  
 Item 1A. Risk Factors
  We have a material amount of intangible assets, and if we are required to write down intangible
assets in future periods, it would reduce net income, which in turn could materially and adversely
affect the results of operations and the trading price of LIN TV Corp.s class A common stock.
   
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  Maximum Number (orApproximate DollarTotal Number of Shares
    
    Value) of Shares thatTotal Number of
    
    
    
    
    
    Purchased as Part of
    
    May Yet Be PurchasedShares
    
    Average Price Paid per
    
    Publicly Announced
    
    Under the Plans orPeriod
    
    Purchased
    
    Share
    
    Plans or Programs
    
    Programs(in thousands)January 1-31, 2006
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    195,225February 1-28, 2006
    
    
    154,600
    
    
    $
    9.78
    
    
    
    154,600
    
    
    
    193,713March 1-31, 2006
    
    
    439,900
    
    
    
    9.41
    
    
    
    439,900
    
    
    
    189,573Total
    
    
    594,500
    
    
    
    9.51
    
    
    
    594,500
    
    
    
    189,573
 24




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##### Table of Contents



Item 3. Defaults Upon Senior Securities
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 Item 6. Exhibits
 Exhibits
 3.1
    
    Second Amended and Restated Certificate of Incorporation of
LIN TV Corp., as amended (filed as Exhibit 3.1 to the Companys
Quarterly Report on Form 10-Q filed as of August 9, 2004 (File
Nos. 001-31311 and 000-25206) and incorporated by reference
herein)3.2
    
    Second Amended and Restated Bylaws of LIN TV Corp., as
amended (filed as Exhibit 3.2 to the Companys Quarterly Report
on Form 10-Q filed as of August 9, 2004 (File Nos. 001-31311 and
000-25206) and incorporated by reference herein)3.3
    
    Restated Certificate of Incorporation of LIN Television
Corporation (filed as Exhibit 3.1 to the Quarterly Report on
Form 10-Q of LIN TV Corp. and LIN Television Corporation for the
fiscal quarter ended June 30, 2003 (File No. 000-25206) and
incorporated by reference herein)3.4
    
    Restated By-laws of LIN Television Corporation (filed as
Exhibit 3.4 to the Registration Statement on Form S-1 of LIN
Television Corporation and LIN Holding Corp. (Registration No.
333-54003) and incorporated by reference herein)4.1
    
    Specimen of stock certificate representing LIN TV Corp.
Class A Common stock, par value $.01 per share (filed as Exhibit
4.1 to LIN TV Corp.s Registration Statement on Form S-1
(Registration No. 333-83068) and incorporated by reference
herein)4.2
    
    Indenture, dated as of May 12, 2003, among LIN Television
Corporation, the guarantors named therein and the Bank of New
York, as Trustee, relating to the
6
1/2 % Senior Subordinated Notes
(filed as Exhibit 4.1 to the Companys Current Report on Form
8-K filed as of May 14, 2003 (File Nos. 001-31311 and 000-25206)
and incorporated by reference herein)4.3
    
    Indenture, dated as of May 12, 2003, among LIN Television
Corporation, the guarantors named therein and the Bank of New
York, as Trustee, relating to the 2.50% Senior Subordinated
Debentures (filed as Exhibit 4.2 to the Companys Current Report
on Form 8-K filed as of May 14, 2003 (File Nos. 001-31311 and
000-25206) and incorporated by reference herein)4.4
    
    Indenture, dated as of September 29, 2005, among LIN
Television Corporation, the guarantors listed therein and The
Bank of New York Trust Company, N.A., as Trustee, relating to
the 6 1/2 % Senior Subordinated Notes
due 2013  Class B of LIN Television Corporation (filed as
Exhibit 4.1 to the Companys Current Report on Form 8-K filed as
of October 5, 2005 (File Nos. 001-31311 and 000- 25206) and
incorporated by reference herein)4.5
    
    Supplemental Indenture, dated as of March 10, 2005, among
WAPA America, Inc., WWHO Broadcasting, LLC, LIN Television
Corporation and The Bank of New York, as Trustee, for the 2.50%
Exchangeable Senior Subordinated Debentures due 2033 (filed as
Exhibit 4.5 to the Companys Quarterly Report on Form 10-Q filed
as of November 9, 2005 (File Nos. 001-31311 and 000-25206) and
 25




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##### Table of Contents



incorporated by reference herein)4.6
    
    Supplemental Indenture, dated as of March 10, 2005, among
WAPA America, Inc., WWHO Broadcasting, LLC, LIN Television
Corporation and The Bank of New York, as Trustee, for the
6 1/ 2 % Senior Subordinated Notes due
2013 (filed as Exhibit 4.6 to the Companys Quarterly Report on
Form 10-Q filed as of November 9, 2005 (File Nos. 001-31311 and
000-25206) and incorporated by reference herein)4.7
    
    Supplemental Indenture, dated as of March 16, 2006, among
LIN of Alabama, LLC, LIN of Colorado, LLC, LIN of New Mexico,
LLC, LIN of Wisconsin, LLC, and S&E Network, Inc., LIN
Television Corporation and The Bank of New York, as Trustee for
the 2.50% Exchangeable Senior Subordinated Debentures due 2033 (filed
as Exhibit 4.7 to the Companys Annual Report on
Form 10-K filed as of March 16, 2006 (File
Nos. 001-31311 and 000-25206)) and incorporated by reference
herein)4.8
    
    Supplemental Indenture, dated as of March 16, 2006, among
LIN of Alabama, LLC, LIN of Colorado, LLC, LIN of New Mexico,
LLC, LIN of Wisconsin, LLC, and S&E Network, Inc., LIN
Television Corporation and The Bank of New York, as Trustee for
the 6 1/ 2 % Senior Subordinated Notes
due 2013 (filed as Exhibit 4.8 to the Companys Annual
Report on Form 10-K filed as of March 16, 2006 (File
Nos. 001-31311 and 000-25206)) and incorporated by reference
herein)31.1
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 of the Chief Executive Officer of LIN TV Corp.31.2
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 of the Chief Financial Officer of LIN TV Corp.31.3
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 of the Chief Executive Officer of LIN Television
Corporation.31.4
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 of the Chief Financial Officer of LIN Television
Corporation.32.1
    
    Certification pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 of the Chief Executive Officer and Chief Financial
Officer of LIN TV Corp.32.2
    
    Certification pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 of the Chief Executive Officer and Chief Financial
Officer of LIN Television Corporation
 26




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##### Table of Contents



SIGNATURES
  LIN TV CORP.LIN TELEVISION CORPORATIONDated: May 10, 2006
    
    By:
    
    /s/ Vincent L. SaduskyVincent L. SaduskyVice President  Chief Financial Officer and Treasurer(Principal Financial Officer)By:
    
    /s/ William A. CunninghamWilliam A. CunninghamVice President and Controller
      (Principal Accounting Officer)
 27




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##### Table of Contents



Item 1. Financial Statements
 LIN Television Corporation
 Condensed Consolidated Balance Sheets
    
    
    29Condensed Consolidated Statements of Operations
    
    
    30Condensed Consolidated Statements of Cash Flows
    
    
    31Notes to Condensed Consolidated Financial Statements
    
    
    32
 28




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LIN Television Corporation
 
 CONDENSED CONSOLIDATED BALANCE SHEETS
 March 31,
    
    
    December 31,2006

    
    
    2005(Unaudited)(In thousands, except share data)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    6,338
    
    
    $
    11,135Accounts
receivable, less allowance for doubtful accounts (2006  $1,368;
2005  $1,148)
    
    
    81,544
    
    
    
    85,575Program rights
    
    
    17,645
    
    
    
    25,960Other current assets
    
    
    4,634
    
    
    
    3,534Total current assets
    
    
    110,161
    
    
    
    126,204Property and equipment, net
    
    
    228,294
    
    
    
    237,676Deferred financing costs
    
    
    19,625
    
    
    
    20,173Equity investments
    
    
    64,088
    
    
    
    63,526Program rights
    
    
    14,253
    
    
    
    7,307Other assets
    
    
    23,248
    
    
    
    19,766Goodwill
    
    
    623,383
    
    
    
    623,383Broadcast licenses and other intangible assets, net
    
    
    1,307,217
    
    
    
    1,308,598Total assets
    
    $
    2,390,269
    
    
    $
    2,406,633LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    7,415
    
    
    $
    8,292Accrued interest expense
    
    
    16,360
    
    
    
    6,553Accrued sales volume discount
    
    
    934
    
    
    
    5,287Other accrued expenses
    
    
    26,073
    
    
    
    23,480Program obligations
    
    
    23,903
    
    
    
    30,375Total current liabilities
    
    
    74,685
    
    
    
    73,987Long-term debt
    
    
    973,233
    
    
    
    981,714Deferred income taxes, net
    
    
    439,302
    
    
    
    439,619Program obligations
    
    
    9,394
    
    
    
    7,343Other liabilities
    
    
    58,209
    
    
    
    60,540Total liabilities
    
    
    1,554,823
    
    
    
    1,563,203Preferred stock of Banks Broadcasting, Inc.,
$0.01 par value, 179,322 shares
issued and outstanding at March 31, 2006 and December 31, 2005
    
    
    14,319
    
    
    
    14,558Stockholders equity:Investment in parent companys common stock, at cost
    
    
    (10,427
    )
    
    
    (4,777
    )Additional paid-in capital
    
    
    1,079,449
    
    
    
    1,077,225Accumulated deficit
    
    
    (232,227
    )
    
    
    (227,908
    )Accumulated other comprehensive loss
    
    
    (15,668
    )
    
    
    (15,668
    )Total stockholders equity
    
    
    821,127
    
    
    
    828,872Total liabilities, preferred stock and stockholders equity
    
    $
    2,390,269
    
    
    $
    2,406,633
  29




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##### Table of Contents



LIN Television Corporation
 
  (In thousands)
  Three Months Ended March 31,2006
    
    
    2005Net revenues
    
    $
    100,814
    
    
    $
    78,844Operating costs and expenses:Direct operating (excluding depreciation of $10.6 million and $7.8
million for the three months ended March 31, 2006 and 2005,
respectively)
    
    
    33,347
    
    
    
    26,416Selling, general and administrative
    
    
    33,476
    
    
    
    24,762Amortization of program rights
    
    
    7,418
    
    
    
    5,855Corporate
    
    
    5,772
    
    
    
    5,255Depreciation and amortization of intangible assets
    
    
    11,952
    
    
    
    8,039Total operating costs
    
    
    91,965
    
    
    
    70,327Operating income
    
    
    8,849
    
    
    
    8,517Other (income) expense:Interest expense, net
    
    
    16,748
    
    
    
    10,910Share of income in equity investments
    
    
    (1,580
    )
    
    
    (246
    )Minority interest in loss of Banks Broadcasting, Inc.
    
    
    (239
    )
    
    
    (212
    )(Gain) loss on derivative instruments
    
    
    (1,046
    )
    
    
    501Loss on extinguishment of debt
    
    
    
    
    
    
    12,309Other, net
    
    
    10
    
    
    
    401Total other expense, net
    
    
    13,893
    
    
    
    23,663Loss before benefit from income taxes
    
    
    (5,044
    )
    
    
    (15,146
    )Benefit from income taxes
    
    
    (725
    )
    
    
    (4,826
    )Net loss
    
    $
    (4,319
    )
    
    $
    (10,320
    )
  30




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LIN Television Corporation
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (unaudited)
 Three months ended March 31,2006
    
    
    2005(In thousands)OPERATING ACTIVITIES:Net loss
    
    $
    (4,319
    )
    
    $
    (10,320
    )Adjustment to reconcile net loss to net cash provided by operating activities:Depreciation and amortization of intangible assets
    
    
    11,952
    
    
    
    8,039Amortization of financing costs and note discounts
    
    
    2,162
    
    
    
    1,769Amortization of program rights
    
    
    7,418
    
    
    
    5,855Program payments
    
    
    (7,208
    )
    
    
    (6,346
    )Loss on extinguishment of debt
    
    
    
    
    
    
    12,309(Gain) loss on derivative instruments
    
    
    (1,046
    )
    
    
    501Share of income in equity investments
    
    
    (1,580
    )
    
    
    (246
    )Deferred income taxes, net
    
    
    (317
    )
    
    
    (5,197
    )Stock-based compensation
    
    
    1,933
    
    
    
    1,129Other, net
    
    
    (20
    )
    
    
    484Changes in operating assets and liabilities, net of acquisitions and disposals:Accounts receivable
    
    
    3,811
    
    
    
    9,627Other assets
    
    
    (2,641
    )
    
    
    (1,849
    )Accounts payable
    
    
    (877
    )
    
    
    (2,195
    )Accrued interest expense
    
    
    9,807
    
    
    
    2,447Accrued sales volume discount
    
    
    (4,353
    )
    
    
    (5,078
    )Other liabilities
    
    
    (1,774
    )
    
    
    1,775Net cash provided by operating activities
    
    
    12,950
    
    
    
    12,704INVESTING ACTIVITIES:Capital expenditures
    
    
    (1,190
    )
    
    
    (1,544
    )Capital contribution from minority interest in Banks Broadcasting, Inc.
    
    
    
    
    
    
    550Distributions from equity investments
    
    
    1,018
    
    
    
    3,055Payments for business combinations, net of cash acquired
    
    
    
    
    
    
    (85,000
    )USDTV investment and other investments, net
    
    
    (1,941
    )
    
    
    13Net cash used in investing activities
    
    
    (2,113
    )
    
    
    (82,926
    )FINANCING ACTIVITIES:Net proceeds on exercises of employee stock options and phantom stock
units and employee stock purchase plan issuances
    
    
    111
    
    
    
    1,326Proceeds from issuance of long-term debt
    
    
    
    
    
    
    345,000Long-term debt financing costs
    
    
    
    
    
    
    (5,655
    )Net (repayments of) proceeds from revolver debt
    
    
    (10,000
    )
    
    
    50,000Principal payments on long-term debt
    
    
    
    
    
    
    (324,940
    )Investment
in parent companys stock, at cost
    
    
    (5,650
    )
    
    
    Cash expenses associated with early extinguishment of debt
    
    
    (95
    )
    
    
    (7,087
    )Net cash (used in) provided by financing activities
    
    
    (15,634
    )
    
    
    58,644Net decrease in cash and cash equivalents
    
    
    (4,797
    )
    
    
    (11,578
    )Cash and cash equivalents at the beginning of the period
    
    
    11,135
    
    
    
    14,797Cash and cash equivalents at the end of the period
    
    $
    6,338
    
    
    $
    3,219
  31




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##### Table of Contents



LIN TELEVISION CORPORATION
 
 NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS  (Continued
 Note 1  Basis of Presentation
       st
  Note 2
 Stock-Based Compensation
  32




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##### Table of Contents



Three Months EndedMarch 31, 2005Net loss, as reported
    
    $
    (10,320
    )Add: Stock-based employee compensation expense,
included in reported net income, net of related tax effect
    
    
    733Deduct: Total stock-based employee compensation
expense determined under the fair value based
method for all awards, net of related tax effect
    
    
    (350
    )Pro forma net loss
    
    $
    (9,937
    )
  Note 3  Acquisitions and Dispositions
 Acquisition Reserves:
 Balance as
    
    
    
    
    
    
    
    
    
    
    Balance as ofof December
    
    
    
    
    
    
    
    
    
    
    March 31,Acquisition Date
    
    31, 2005
    
    
    Payments
    
    
    Adjustments
    
    
    2006Acquisition of Sunrise Television Corp.
    
    May 2, 2002
    
    
    211
    
    
    
    29
    
    
    
    
    
    
    
    182Stations acquired from Viacom
    
    March 31, 2005
    
    
    295
    
    
    
    
    
    
    
    
    
    
    
    295Stations acquired from Emmis
    
    November 30, 2005
    
    $
    7,910
    
    
    $
    319
    
    
    $
    20
    
    
    
    7,611$
    8,416
    
    
    $
    348
    
    
    $
    20
    
    
    $
    8,088
  Pro Forma:
 33




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##### Table of Contents



Three MonthsEnded March 31,2005Net revenues
    
    $
    95,733Operating income
    
    
    7,919Net loss
    
    
    (13,243
    )
 Note 4  Investments
  March 31,
    
    
    December 31,2006
    
    
    2005NBC Universal joint venture
    
    $
    55,442
    
    
    $
    54,803WAND (TV) Partnership
    
    
    8,519
    
    
    
    8,595Other
    
    
    127
    
    
    
    128$
    64,088
    
    
    $
    63,526
 Joint
Venture with NBC Universal:
 34




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##### Table of Contents



Three Months EndedMarch 31,2006
    
    2005Revenue
    
    $
    24,641
    
    
    $
    18,306Other expense
    
    
    (16,509
    )
    
    
    (16,854
    )Net income
    
    
    8,132
    
    
    
    1,452
 March 31,
    
    December 31,2006
    
    2005Current assets
    
    $
    11,443
    
    
    $
    10,617Non-current assets
    
    
    234,781
    
    
    
    232,075Current liabilities
    
    
    1,087
    
    
    
    724Non-current liabilities
    
    
    815,500
    
    
    
    815,500
  WAND (TV) Partnership:
  Three Months EndedMarch 31,2006
    
    2005Net revenues
    
    $
    1,894
    
    
    $
    1,509Operating (loss) income
    
    
    (4
    )
    
    
    112Net loss
    
    
    (227
    )
    
    
    (149
    )
 March 31,
    
    December 31,2006
    
    2005Current assets
    
    $
    2,152
    
    
    $
    2,398Non-current assets
    
    
    20,177
    
    
    
    20,702Current liabilities
    
    
    738
    
    
    
    1,276Non-current liabilities
    
    
    9
    
    
    
    14
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##### Table of Contents



Note 5  Intangible Assets
  EstimatedRemaining Useful
    
    March 31,
    
    
    December 31,Life (Years)
    
    2006
    
    
    2005Amortizing Intangible Assets:LMA purchase options
    
    1
    
    $
    4,212
    
    
    $
    4,212Network affiliations
    
    1
    
    
    1,753
    
    
    
    1,753Other intangibles
    
    1-27
    
    
    6,025
    
    
    
    6,025Accumulated amortization
    
    
    
    
    (6,067
    )
    
    
    (4,686
    )5,923
    
    
    
    7,304Indefinite-lived Intangible Assets:Broadcast licenses
    
    
    
    
    1,301,294
    
    
    
    1,301,294Goodwill
    
    
    
    
    623,383
    
    
    
    623,383$
    1,924,677
    
    
    $
    1,924,677Goodwill
    
    
    
    
    623,383
    
    
    
    623,383Broadcast licenses and other intangible assets, net
    
    
    1,307,217
    
    
    
    1,308,598Total intangible assets
    
    
    
    $
    1,930,600
    
    
    $
    1,931,981
  March 31,
    
    
    For the year ended December 31,2005
    
    
    2006
    
    
    2006
    
    
    2007
    
    
    2008
    
    
    2009
    
    
    2010
    
    
    
    ThereafterAmortization expense
    
    $
    266
    
    
    $
    1,381
    
    
    $
    2,510
    
    
    $
    165
    
    
    $
    127
    
    
    $
    37
    
    
    $
    36
    
    
    $
    3,048
  36




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##### Table of Contents



Note 6 Debt
  March 31,
    
    
    December 31,2006
    
    
    2005Credit Facility
    
    $
    306,000
    
    
    $
    316,0006 1/2% Senior Subordinated Notes due 2013
    
    
    375,000
    
    
    
    375,000$190,000, 6 1/2% Senior Subordinated Notes  Class B due 2013
(net of discount of $13,817 and $14,283 at March 31, 2006
and December 31, 2005, respectively)
    
    
    176,183
    
    
    
    175,717$125,000, 2.50% Exchangeable Senior Subordinated Debentures due
2033 (net of discount of $8,950 and $10,003 at March 31, 2006
and December 31, 2005, respectively)
    
    
    116,050
    
    
    
    114,997Total long-term debt
    
    $
    973,233
    
    
    $
    981,714
 Note 7  Related Party Transactions
 Financial Advisory Agreement :
 Centennial Cable of Puerto Rico:
 Note 8  Contingencies
 GECC
Note.
 
    
    GECC could force LIN TV Corp. to sell the stock of LIN Television held by LIN TV Corp. to
satisfy outstanding amounts under the GECC note;
    
    if more than 50% of the ownership of LIN Television had to be sold to satisfy the GECC
Note, it could cause an acceleration of the Companys credit facility and notes; and
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##### Table of Contents




    
    if the GECC note is prepaid because of an acceleration on default or otherwise, or if
the note is repaid at maturity, the Company may incur a substantial tax liability.
  Note 9  Retirement Plans
   Three Months EndedMarch 31,2006
    
    
    2005Service cost
    
    $
    625
    
    
    $
    549Interest cost
    
    
    1,400
    
    
    
    1,350Expected return on plan assets
    
    
    (1,475
    )
    
    
    (1,435
    )Amortization of prior service cost
    
    
    30
    
    
    
    30Amortization of net loss
    
    
    320
    
    
    
    241Net periodic benefit cost
    
    $
    900
    
    
    $
    735
  Note 10  Share Repurchase Program
  Note 11  Recent Accounting Pronouncements
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)
 39