No announcement on Lincoln sale


One analyst yesterday pressed Lincoln Financial Group CEO Dennis Glass for an answer about the status of Lincoln Financial Media – "is this thing for sale, or not?" CFO Fred Crawford, who is handling the strategic review of the radio and TV properties, stepped in to supply this answer: "What I would tell you is that we’re very deep into the process and I would expect to be making further comments, updating you more specifically on the outcome of our media project and where we stand, over the course of the coming weeks – perhaps sooner, it depends on how things develop. So, at this point in time I’m not ready to give you a specific update on that, other than to say we’re deep into the process."

Lincoln Financial Group had issued its Q3 results a day earlier (10/31/07 RBR #213).

RBR/TVBR observation: A non-answer answer if ever we heard one. So, we wait. As reported previously, our sources say Raycom has the inside track to buy the TV group for about 500 million, but that the radio stations will be sold in pieces for a total of about 650 million. The other piece, the sports broadcast operation, is expected to bring about 50 million.