Should Lincoln Financial Group decide to get out of broadcasting - which, we would note, is still only a rumor - some very attractive properties will be coming on the market. All of the radio properties are in top 40 markets and the TV stations are long-established news leaders in high growth southeastern markets. In reporting the rumor that a broadcast divestiture was under consideration, the Wall Street Journal quoted sources as estimating that the stations could bring about 1.5 billion if put on the market. That looks like a pretty reasonable figure. Detailed data on the broadcast group has become a bit harder to come by since Jefferson-Pilot was acquired by Lincoln early last year. But for 2005, what was then called Jefferson-Pilot Communications had 110.8 million of broadcast cash flow (BCF) on revenues of 246.6 million. At 13 times that BCF, based on other recent major deals, the price tag would be 1.44 billion, but revenues and BCF were likely a bit higher in 2006 due to political advertising. Lincoln reported that its broadcast operation had 188 million in revenues from the April 3rd closing of the acquisition to the end of the year. BIAfn estimates that revenues for the full year were 243.6 million, based on individual station estimates, but that appears to be low given the final figure from the previous year.

Here's a look at what might - just might, mind you - be put up for sale.