<PAGE>   1
                                                                    EXHIBIT 12.1



                LIN TELEVISION CORPORATION AND LIN HOLDINGS CORP.
                COMPUTATION OF RADIO OF EARNINGS TO FIXED CHARGES
                                 (in thousands)



<TABLE>
<CAPTION>
                                                                                                           
                                                    Holdings        Company     Predecessor                                         
                                                   Period from    Period from   Period from    Predecessor          Pro Forma       
                                                     March 3        March 3      January 1     Three Months       Quarter Ended
                                                     through        through      through         Ended            March 31, 1998   
                                                    March 31,      March 31,      March 2,      March 31,   ----------------------- 
                                                      1998           1998          1998           1997       Company       Holdings 
                                                   -----------    ------------  -----------    ----------   ---------     --------- 
<S>                                                <C>           <C>            <C>            <C>          <C>           <C>       
Earnings:                                                                                                                           
   Net income(loss) before income taxes            $ (3,444)       $ (1,709)    $    966       $ 11,383     $(10,550)    $(16,298)  
   Fixed charges                                      5,329           3,594        3,022          6,017       10,837       16,585   
   Joint venture losses                                 462             462          244            403        2,180        2,180
                                                   --------        --------     --------       --------     --------     --------   
Earnings as adjusted (A)                           $  2,347        $  2,347     $  4,232       $ 17,803     $  2,467     $  2,467   
                                                   ========        ========     ========       ========     ========     ========   
                                                                                                                                    
Fixed Charges:                                                                                                                      
   Interest expense                                $  5,270        $  3,535     $  2,764       $  5,718     $ 10,646     $ 16,394   
   Rent expense                                          59              59          258            299          191          191   
                                                   --------        --------     --------       --------     --------     --------   
Fixed Charges as adjusted (B)                      $  5,329        $  3,594     $  3,022       $  6,017     $ 10,837     $ 16,585   
                                                   ========        ========     ========       ========     ========     ========   
                                                                                                                                    
Ratio of earnings to fixed charges                                                                                                  
  (A) divided by (B)                                    0.4             0.7          1.4            3.0          0.2          0.1   
Deficiency of earnings to fixed charges            $ (2,982)       $ (1,247)    $  1,210       $ 11,786     $ (8,370)    $(14,118) 
                                                                                                                                
                                                                                   
<CAPTION>
                                                                Pro Forma                                                      
                                                                Year Ended                                                     
                                                             December 31, 1997                    
                                                         -----------------------                  
                                                         Company       Holdings         
                                                         -------       ---------         
Earnings:
   Net income(loss) before income taxes                  $(35,184)     $(56,900)
   Fixed charges                                           43,959        65,675
   Joint venture losses                                     4,989         4,989
                                                         --------      --------
Earnings as adjusted (A)                                 $ 13,764      $ 13,764
                                                         ========      ========

Fixed Charges:
   Interest expense                                      $ 43,112      $ 64,828
   Rent expense                                               847           847
                                                         --------      --------
Fixed Charges as adjusted (B)                            $ 43,959      $ 65,675
                                                         ========      ========


Ratio of earnings to fixed charges (A) divided by (B)         0.3           0.2
Deficiency of earnings to fixed charges                  $(30,195)     $(51,911)


<CAPTION>
                                                                               Year Ended December 31,
                                                         ------------------------------------------------------------
                                                           1997         1996         1995         1994         1993
                                                         -------      --------     -------      --------     --------
Earnings:
   Net income(loss) before income taxes                  $ 78,709     $ 72,937     $ 59,704     $ 50,911     $ 39,370
   Fixed charges                                           22,538       27,826       27,262       14,651       14,278
   Joint venture losses                                     1,532          995           --           --           --
                                                         --------     --------     --------     --------     --------
Earnings as adjusted (A)                                 $102,779     $101,758     $ 86,966     $ 65,562     $ 53,648
                                                         ========     ========     ========     ========     ========

Fixed Charges:
   Interest expense                                      $ 21,340     $ 26,582     $ 26,262     $ 13,451     $ 13,678
   Rent expense                                             1,198        1,244        1,000        1,200          600
                                                         --------     --------     --------     --------     --------
Fixed Charges as adjusted (B)                            $ 22,538     $ 27,826     $ 26,262     $ 14,651     $ 14,278
                                                         ========     ========     ========     ========     ========


Ratio of earnings to fixed charges (A) divided by (B)         4.6          3.7          3.2          4.5          3.8
Deficiency of earnings to fixed charges                  $     --     $     --     $     --     $     --     $     --
</TABLE>