Document:

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                                                                   EXHIBIT 10.38

                      SUPPLEMENTAL BENEFIT RETIREMENT PLAN

                                       OF

                           LIN TELEVISION CORPORATION

                            AND SUBSIDIARY COMPANIES

              (As Amended and Restated Effective December 21, 2004)

                                     Purpose

      Section 415 of the Internal Revenue Code (the "Code"), as amended by the
Employee Retirement Income Security Act of 1974 (the "Act") and the Tax Equity
and Fiscal Responsibility Act of 1982 ("TEFRA"), imposes certain dollar
limitations on the annual retirement benefit payable to an individual after
December 31, 1982, under qualified pension plans such as the LIN Television
Corporation Retirement Plan (the "Retirement Plan"). Also, effective January 1,
1989, Section 401(a) (17) of the Code, as amended by the Tax Reform Act of 1986
("TRA-86") limits the amount of annual compensation that may be taken into
account under the Retirement Plan for any year to $200,000, as adjusted by the
Secretary of the Treasury to reflect increases in the cost of living. LIN
Television Corporation ("LIN") has amended the Retirement Plan to conform to the
benefit and compensation limitations of the Code, the Act, TEFRA and TRA-86, and
such amendments (the "Limitations Amendments") will reduce the benefits that
certain employees and former employees (and their beneficiaries) of LIN and any
other Employer (as such term is defined in the Retirement Plan) would otherwise
be entitled to

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receive under the Retirement Plan. In addition, compensation considered under
the Retirement Plan is further limited in that it does not include amounts
deferred under the LIN Television Corporation Deferred Compensation Plan (the
"Deferred Compensation Plan") either when such amounts are earned or are
received. LIN and any other employees (and their beneficiaries) shall receive
retirement benefits in the same amounts they would have received under the
Retirement Plan if compensation deferred under the Deferred Compensation Plan is
included as part of a participant's compensation in the plan year in which it
would have been received had it not been deferred and were it not for the
Limitation Amendments.

                             Section 1: Definitions

      (a) "Employee" means any person who at any time before the termination of
this Supplemental Benefit Retirement Plan (the "Plan") of LIN Television
Corporation and Subsidiary Companies was an employee of LIN or any other
Employer, which shall have adopted this Plan, and while so employed was a
participant in the Retirement Plan.

      (b) "Beneficiary" means any person or entity other than the Employee who
is entitled to receive benefits under the Retirement Plan based on the
participation in the Retirement Plan by the Employee.

      (c) "Successor" means (i) the person specified, in a written designation
delivered to the administrative committee of the Retirement Plan, or such other
person or entity as LIN shall designate, by an Employee or Beneficiary becoming
entitled to receive payments under Section 2 below, as the person to whom any
unpaid portion of such payments should be made in the event

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of the death of such Employee or Beneficiary or (ii) in the absence of such
designation or in the event of the prior death of the person so designated, the
estate of such Employee or Beneficiary.

                               Section 2: Benefits

      (a) LIN will pay or cause to be paid to each Employee or his beneficiary,
as the case may be, who is entitled to receive payments under the Retirement
Plan, an amount which is equivalent to the excess (if any) of (i) the amount
such Employee or Beneficiary would have been entitled to receive under the
Retirement Plan for each calendar year, determined as if compensation as defined
in Article I of the Retirement Plan included any amounts deferred under the
Deferred Compensation Plan in the plan year in which such amounts would have
been received if they were not deferred pursuant to the Deferred Compensation
Plan and taking into account all the provisions of the Retirement Plan as are
from time to time in effect and applicable to the Employee or Beneficiary except
the Limitation Amendments, over (ii) the amount such Employee or Beneficiary is
entitled to receive under the Retirement Plan for such year taking into account
the Limitation Amendments. Payments hereunder shall be made at approximately the
same times as payments are made to the Employee or Beneficiary under the
Retirement Plan, except as provided in Section 2(b) below.

      (b) If an Employee or Beneficiary is entitled to a benefit pursuant to
Section 2(a) hereof, LIN shall in its sole discretion determine whether to pay
such Employee or Beneficiary either (i) a single lump sum, actuarially
equivalent to the lump-sum amount payable under section 2(a) hereof, based on
such tables and interest rates as may be adopted from time to time for the
purpose of computing such actuarial equivalencies under the Retirement Plan, or
(ii) a series of

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payments in one of the forms of payment permitted under Article VII of the
Retirement Plan, or such other form as may be selected by LIN, with the payments
under the selected form having an aggregate value actuarially equivalent to such
lump-sum amount payable under section 2(a) hereof. LIN shall determine the times
at which such payments shall be made, but they shall commence not later than one
year after the commencement of benefits under the Retirement Plan and shall
thereafter be made at least annually and over the same period that such payments
would be made if they were paid under the Retirement Plan. If the Employee or
Beneficiary dies before all such payments have been made, the remainder thereof
shall be paid to his or her Successor. Notwithstanding the foregoing, on request
of the Employee or Beneficiary, or, if no longer living, his or her Successor,
LIN may, in its sole discretion, accelerate the remaining unpaid portion of such
payments into one or more payments having, in the aggregate, an equivalent
actuarial value, based on such tables and interest rates as may be adopted from
time to time for the purpose of computing such actuarial equivalencies under the
Retirement Plan.

                            Section 3: Miscellaneous

      (a) LIN shall be under only a contractual obligation to make the payments
to the Employee, Beneficiary or Successor referred to herein when due, and the
amounts of such payments shall not be held in trust for the Employee,
Beneficiary or Successor.

      (b) Nothing contained herein shall confer any right on an Employee to be
continued in the employ of LIN or any other Employer, or shall affect the right
of the Employee to participate in and receive benefits under and in accordance
with any pension, profit-sharing, incentive compensation or other benefit plan
or program of LIN or any other Employer.

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      (c) This Plan shall continue in force with respect to any Employee until
the termination of the right of such Employee or his Beneficiary to receive
benefits under the Retirement Plan, or, if later, the completion of any payments
due under Section 2(b) hereof, and shall be binding upon any successor to
substantially all the assets of LIN. LIN may, however, at any time, amend the
Plan to provide that no additional benefits shall accrue with respect to any
Employee under the Plan; provided, however, that no such amendment shall deprive
any Employee, Beneficiary or Successor of any benefit that accrued under the
Plan prior to such amendment. LIN may also, at any time, amend this Plan
retroactively or otherwise if and to the extent that such action is deemed
appropriate in light of government regulations or other legal requirements.

      (d) No right or interest of an Employee, Beneficiary or Successor under
this Plan shall be subject to voluntary or involuntary alienation, assignment or
transfer of any kind.

      (e) The administration of the Plan shall be the responsibility of the
administrative committee of the Retirement Plan, or such other person or entity,
as LIN shall designate. Decisions of such administrator of the Plan shall be
final and binding upon each Employer that shall have adopted this Plan,
Employees of such Employers and the Beneficiaries and Successors of such
Employees or Beneficiaries.

      (f) If any payment to be made under this Plan is to be made on account of
an Employee who was employed by an Employer that shall have adopted this Plan,
other than LIN, the cost of such payment shall be borne in such proportions, as
LIN and such Employer shall agree.

      (g) This Plan shall be construed, regulated and administered for all
purposes according to the laws of the State of New York and the United States.

      (h) This Plan was effective as of January 1, 1983, and the effective date
of this restatement shall be December 21, 2004.

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                                  AMENDMENT TO

                      SUPPLEMENTAL BENEFIT RETIREMENT PLAN
                          OF LIN TELEVISION CORPORATION
                            AND SUBSIDIARY COMPANIES

      1. The plan listed above (the "Plan"), shall be operated and administered
in accordance with a reasonable interpretation of section 409A of the Internal
Revenue Code of 1986 (the "Code") and section 885 of the American Jobs Creation
Act of 2004 (the "AJCA"), including any regulations or other guidance of general
applicability interpreting Code section 409A or the AJCA, effective with respect
to amounts deferred after December 31, 2004.

      2. To the extent that any provision of the Plan is inconsistent with the
restrictions imposed by Code section 409A or the AJCA (including, but not
limited to, restrictions on the timing of elections, the time or form of
distributions, the acceleration of benefits, or the events that will constitute
a substantial risk of forfeiture), that provision shall be deemed to be amended
to the extent necessary to bring it into compliance with Code section 409A and
the AJCA.

      3. The purpose of this amendment is to protect participants in the Plan
against the substantial unanticipated tax liability that would result from the
Plan's failure to comply with Code section 409A. Accordingly, to the extent that
an amendment to any Plan requires the consent of an individual participant, each
participant shall be deemed to have consented to the amendment unless the
participant provides written notice of his objection within a reasonable period
after being notified of the amendment.

      4. This amendment shall not affect any amounts that are deferred before
January 1, 2005, within the meaning of Code section 409A and the AJCA, and no
change shall be made in the administration of the Plan that would constitute a
"material modification" of the Plan with respect to such amounts. Nothing in
this amendment shall be construed to prevent LIN Television Corporation (the
"Company") from amending any Plan at a later date to apply the restrictions set
forth in Code section 409A to amounts deferred before January 1, 2005, or to
prevent the Company from amending any Plan in a manner that constitutes a
"material modification" of the Plan with respect to such amounts.

      5. This amendment shall remain in effect until the Plan are further
amended in an instrument adopted or ratified by the Board of Directors of the
Company (or by the Administrative Committee of the Company's retirement savings
plan) to reflect the requirements of Code section 409A and the AJCA, as
interpreted in regulations or other guidance issued by the Treasury Department
or Internal Revenue Service.

December 21, 2004

                                       6<PAGE>

                                                                   EXHIBIT 10.39

                       RANGER EQUITY HOLDINGS CORPORATION

                           LIN TELEVISION CORPORATION

                   NONQUALIFIED STOCK OPTION LETTER AGREEMENT

TO: GARY CHAPMAN

      We are pleased to inform you that you have been selected by LIN Television
Corporation ("LIN") to receive nonqualified options of Ranger Equity Holdings
Corporation (collectively, with LIN, the "Company") under the Company's 1998
Stock Option Plan (the "Plan") to purchase 5,428,836 shares of the Company's
common stock, $.01 par value per share (the "Common Stock"), at an exercise
price of $0.50 per share. A copy of the Plan is attached to and incorporated
into this Letter Agreement by this reference. Capitalized terms not otherwise
defined herein shall have the meanings set forth in the Plan.

      The terms of the options are as set forth in the Plan and in this Letter
Agreement. The most important of the terms set forth in the Plan are summarized
as follows:

      TERM : The term of the options is ten years from date of grant, unless
sooner terminated.

      EXERCISE: Only you can exercise the options during your lifetime. The Plan
also provides for exercise of the options by the personal representative of your
estate, by the beneficiary you have designated on forms prescribed by and filed
with the Company (a "Designated Beneficiary"), or by the beneficiary of your
estate following your death. You may use the Notice of Exercise of Nonqualified
Stock Option in the form attached to this Letter Agreement when you exercise the
options.

      PAYMENT FOR SHARES: The options may be exercised by the delivery of:

      (a)Cash, personal check (unless, at the time of exercise, the Committee
determines otherwise), bank-certified check or cashier's check;

      (b) Unless the Committee, in its sole discretion, determines otherwise,
shares of the Company's capital stock held by you for a period of at least six
months having a fair market value at the time of exercise, as determined in good
faith by the Committee, equal to the exercise price; or

      (c) After such time as the stock is publicly traded, unless the Committee
in its sole discretion determines otherwise, a properly executed exercise notice
together with irrevocable instructions to a broker to promptly deliver to the
Company the amount of sale or loan proceeds to pay the exercise price.

      WITHHOLDING TAXES: As a condition to the exercise of the options, you
shall make such arrangements as the Company may require for the satisfaction of
any federal, state or local withholding tax obligations that may arise in
connection with such exercise. The Company shall have the right to retain
without notice sufficient shares of Capital Stock to satisfy the withholding
obligation. To the extent permitted or required by the

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Page 2
LIN Television Corporation
Nonqualified Stock Option Letter Agreement

Company, you may satisfy the withholding obligation by electing to have the
Company or a related corporation withhold from the shares to be issued upon
exercise that number of shares having a fair market value equal to the amount
required to be withheld. To the extent necessary to qualify such election for
exemption under Rule 16b-3 promulgated under Section 16(b) of the Exchange Act,
any individual who is subject to Section 16 under the Exchange Act must exercise
the option during the quarterly ten-day window period required under Section
16(b) of the Exchange Act for exercises of stock appreciation rights, and the
election relating to such option exercise must be (a) an irrevocable election
made six months prior to the date the option exercise becomes taxable: (b) an
election made during a window period; or (c) an election made prior to a window
period, provided the election becomes effective as of the next window period.

      TERMINATION:

      a)    Termination for Cause: If the Company terminates your services for
            Cause, all unexercised options as of the date of termination shall
            be immediately forfeited.

      b)    Death: In the event of your death, your estate or beneficiary shall
            have 180 days from the date of death to exercise your vested options
            as of the date of death.

      c)    Disability: In the event of your disability, you shall have 180 days
            from the date of disability to exercise your vested options as of
            the date of disability.

      d)    Voluntary Termination: In the event you voluntary terminate your
            employment with the Company, you have until the date of termination
            to exercise your vested shares. Any vested shares not exercised by
            your termination date will then be cancelled.

      e)    No Extension of the Ten-Year Expiration Date: The 180-day period
            referred to in paragraphs (b) and (c) above shall not extend beyond
            the ten-year expiration date of the options.

      TRANSFER OF OPTIONS: The options are not transferable except by will, to a
Designated Beneficiary, or by the applicable laws of descent and distribution.

      VESTING: Unless accelerated in accordance with the Plan, the options shall
vest and become exercisable according to the following schedule:

<TABLE>
<CAPTION>
DATE ON AND AFTER WHICH      PORTION OF TOTAL OPTION
OPTION IS EXERCISABLE        THAT IS EXERCISABLE
-----------------------      -----------------------
<S>                          <C>
    March 3, 1999                   25%
    March 3, 2000                   50%
    March 3, 2001                   75%
    March 3, 2002                  100%
</TABLE>

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Page 3
LIN Television Corporation
Nonqualified Stock Option Letter Agreement

      Notwithstanding the above vesting schedule, you will be immediately 100%
vested in that portion of the gain determined per share using a Fair Market
Value not in excess of $1.00 per share.

      "MAKE WHOLE" ADJUSTMENT: In the event the fair market value per share
declines below $1.00, the Company shall pay to the Employee, upon exercise, an
amount equal to (i) the loss on the total numbers of shares granted less the
loss calculated on the substitute shares only as if the exercise price was zero,
multiplied by (ii) the percentage derived from dividing the number of options
exercised into the total number of options received.

      For example, if Mary receives 25,000 substitute options and 37,500 new
options in 1998 with an exercise price of $0.60, and the fair market value of
the Company's stock is $0.75 at the time of exercise of 40,000 shares, then the
make-whole payment due Mary would be calculated as follows:

<TABLE>
<S>                         <C>                <C>
Loss on total               62,500 x 0.25=     15,625
Loss on substitute          25,000 x 0.25=      6.250
                                               ------
   Difference                                   9,375
Percent Exercised (40/60)                       66.67%
                                               ------
Payment Due to Mary                             6,250
</TABLE>

      HOLDING PERIOD: If an individual subject to Section 16 of the Exchange Act
sells shares of Common Stock obtained upon the exercise of a stock option within
six months after the date the option was granted, such sale may result in
short-swing profit recovery under Section 16(b) of the Exchange Act.

      CHANGE OF CONTROL: In the event of a Change of Control, the Plan's
Committee may declare that any or all non-vested options to be immediately
exercisable or accelerated to a faster vesting schedule. An Initial Public
Offering or merger where Hicks, Muse, Tate & Furst Incorporated retained control
of the Company will not constitute a Change of Control.

      PURCHASE OPTION: In the event of an optionee's termination of employment
for any reason or a Change of Control, the Company shall have the right to give
notice within one year of the termination or Change of Control of the Company's
election to purchase from the employee any or all shares of Common Stock held by
the employee. The purchase price shall be Fair Market Value per share. The
Company's Purchase Option shall cease to exist upon the consummation of a
Qualifying Public Offering.

      DATE OF ACT: The option's date of grant is March 3,1998.

      ARBITRATION: As a condition of the Company's grant of options to you, you
agree that all disputes between you and the Company shall be resolved by final
and binding arbitration in accordance with the provisions of this section. This
agreement to arbitrate shall remain in effect after termination of this
Agreement with respect to any disputes arising out of events occurring during
the term hereof or arising out of or relating to this

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Page 4
LIN Television Corporation
Nonqualified Stock Option Letter Agreement

Agreement, or disputes arising out of or relating to your employment or
termination thereof. A party intending to assert a claim must serve, by hand
delivery or a form of mail that requires a signed return receipt, a written
demand for arbitration on the other party. The demand, if against the Company,
must be served on a Vice President or higher-level officer of the Company. The
demand must describe the basis of the claim with reasonable specificity and the
remedy requested. The demand must be received by the person served within the
time limitation set forth below. The arbitration shall be conducted in
accordance with the then-prevailing Employment Dispute Resolution Rules of the
American Arbitration Association. Notwithstanding the foregoing, the following
discovery limitations shall apply to the arbitration proceeding: each party may
take the deposition of one individual only and any expert witness designated by
the other party; both parties shall have the right to subpoena witnesses and
documents, but additional discovery may be had only if the arbitrator so orders
after determining there is a substantial need for the information.
Notwithstanding any longer statutes of limitation provided by law, no claim of
any nature whatsoever may be brought by either party against the other, in
arbitration or otherwise, unless a written demand for arbitration is served on
the other party within thirty (30) days after the claim accrued; i.e., within
thirty (30) days from the date on which the act or event (or failure to act) on
which the claim is based occurred. The arbitrator shall be authorized to award
such relief as is available under the applicable state or federal law on which
the claim is based.

      AT THE PRESENT TIME, THE COMPANY HAS NOT FILED AND HAS NO IMMEDIATE PLANS
TO FILE AN EFFECTIVE REGISTRATION STATEMENT WITH RESPECT TO THE SHARES THAT WILL
BE ISSUED UPON THE EXERCISE OF THE OPTION. UNTIL A REGISTRATION STATEMENT IS
FILED AND BECOMES EFFECTIVE, YOU WILL NOT BE ABLE TO SELL THE COMPANY'S COMMON
STOCK UNLESS EXEMPTIONS FROM REGISTRATION UNDER FEDERAL AND STATE SECURITIES
LAWS ARE AVAILABLE; SUCH EXEMPTIONS FROM REGISTRATION ARE VERY LIMITED AND MIGHT
BE UNAVAILABLE.

      Please execute the Acceptance and Acknowledgment set forth below on the
enclosed copy of this Letter Agreement and return it to the undersigned.

                                                   Very truly yours,

                                                   LIN TELEVISION CORPORATION

                                                   By: /s/ Peter E. Maloney
                                                       -------------------------
                                                       Peter E. Maloney
                                                       Vice President of Finance

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