1166789--3/15/2007--LIN_TV

related topics

{capital, credit, financial}

{debt, indebtedness, cash}

{regulation, government, change}

{stock, price, operating}

{condition, economic, financial}

{control, financial, internal}

{tax, income, asset}

{acquisition, growth, future}

{product, market, service}

{stock, price, share}

{competitive, industry, competition}

We have a substantial amount of debt, which could adversely affect our financial condition, liquidity and results of operations, reduce our operating flexibility and put us at greater risk for default and acceleration of our debt. We have a history of net losses and a substantial accumulated deficit. We may not be able to generate sufficient cash flow to meet our debt service obligations, forcing us to refinance all or a portion of our indebtedness, sell assets or obtain additional financing. We have a material amount of intangible assets and we have recorded substantial impairments in prior periods. Future write-downs of intangible assets would reduce net income, which could materially and adversely affect our results of operations and the value of our class A common stock. Our strategy has historically included seeking growth through acquisitions of television stations, which could pose various risks and increase our leverage. Broadcast interests of our affiliates, including Hicks Muse, may be attributable to us and may limit our ability to acquire television stations in particular markets, restricting our ability to execute our growth strategy. Hicks Muse and its affiliates, whose interests may differ from your interests, have approval rights with respect to significant transactions and could convert their equity interests in our Company into a majority of voting power, thereby reducing the voting power of our other shareholders. If we are unable to compete effectively, our revenue could decline. New technologies may affect our broadcasting operations. It will be difficult to take us over, which could adversely affect the trading price of our class A common stock. The loss of network affiliation agreements or changes in network affiliations could materially and adversely affect our results of operations if we are unable to quickly replace the network affiliation. The use of an alternative method of valuing our network affiliations could have a significant adverse impact on our results of operations. The GECC Note could result in significant liabilities and could trigger a change of control under our existing indebtedness, causing our indebtedness to become immediately due and payable. Risks Related to Our Industry Our industry is subject to significant syndicated and other programming costs, and increased programming costs could adversely affect our operating results. Our industry is subject to a government-mandated analog to digital conversion process which may cause us to lose viewership and advertising revenues. Changes in FCC ownership rules through FCC action, judicial review or federal legislation may limit our ability to continue providing services to stations under local marketing agreements, may prevent us from obtaining ownership of the stations we currently provide services to under local marketing agreements and/or may preclude us from obtaining the full economic value of one or more of our two-station operations upon a sale, merger or other similar transaction transferring ownership of such station or stations.

Full 10-K form ▸

1166789--3/15/2007--LIN_TV_CORP