Lincoln National Corp. today announced deals to sell several radio, television and sports syndication operations.
Raycom Media Inc., Montgomery, Ala., plans to pay $583 million in cash to buy a sports syndication business and three TV stations from Lincoln, Philadelphia.
The TV stations are in Charlotte, N.C.; Richmond, Va.; and Charleston, S.C.
Another company, Greater Media Inc., Braintree, Mass., has agreed to pay $100 million in cash for three radio stations that Lincoln owns in Charlotte.
Lincoln hopes to close on the sports syndication deal in early December and the broadcast sales, which are subject to government approval, by June 30, 2008.
Lincoln says it will use the proceeds from the deals to pay off its debts and buy back shares of stock.