Jefferies 2013 Global Technology, Media and Telecom Conference

Safe Harbor

This presentation includes statements that constitute "forward-looking statements," including statements regarding our future plans and strategies. Forward-looking statements inherently involve risks and uncertainties, including, among other factors, general economic conditions, demand for advertising, competition for audience and programming, government regulations and new technologies, that could cause our actual results to differ materially from the forward-looking statements. Factors that could contribute to such differences include the risks detailed in our periodic reports filed with the Securities and Exchange Commission. Reports may be accessed online at www.sec.gov or www.linmedia.com. By making these forward-looking statements, we undertake no obligation to update these statements for revisions or changes after the date of this presentation.

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Record Results in 2012 ▲  Record revenue, EBITDA & margin

▲  Largest acquisition in company history

▲  Unprecedented political revenues

▲  New retrans agreements for almost half "of LIN’s pay TV subs

▲  Record interactive revenue & "contribution to total revenue

▲  Issued notes at lowest cost of "borrowing on company record

▲  Total year-end debt leverage 3.3x, "lowest level in nearly a decade

▲  Developed a plan to resolve NBC JV

2008 2012

Net Debt $723.2 $843.9

EBITDA $123.4 $218.7

Interest Expense $54.6 $46.7

Leverage Ratio 5.9x 3.3x

Interest Expense Coverage Ratio

2.3x 4.5x

Equity Market Capitalization

$56.1 $407.6

Strongest  Balance  Sheet  Since  Going  Public  in  2002  

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Executing our Strategy in 2013

Summary of Q1’13 Results

Ø Revenue +37% vs PY (+4.1% on same-station basis)

Ø Core -2.4% on same-station basis; mixed economic signals – fragile in many markets

Ø Retrans & Interactive revenues more than offset softness

Ø Interactive revenues +29% vs PY

ü All 10 acquired/serviced TV stations transitioned to LIN’s news, sales and digital platforms

ü Hired DSDs in 6 mkts; all selling LIN Digital

ü Upgraded research capabilities

 

M&A – Integrating & Maximizing Benefits

ü 68% of Big-4 news stations ranked #1 or #2 in their markets(1) for ratings

ü 100% of measured web sites & mobile apps ranked #1 or #2 for unique visitors vs local broadcast competitors(2)

ü Two new digital acquisitions – HYFN & Dedicated Media

ü LIN Mobile – leveraged LIN Digital to develop mobile creative solutions; integrated ads into TV app platforms

Operational Excellence Across Multiple Platforms

Building & Differentiating Digital Business

1 Average of LIN Media’s February 2013 Nielsen ratings based on Key Demographics. Monday‑Friday, Early Morning, Early Evening, Late News. All Nielsen data included in this presentation represents Nielsen’s estimates, and Nielsen has neither reviewed nor approved the data included in this presentation. 2 comScore media and mobile metrix data; March 2013 (3 month average). The basis for comparison is calculated against the Company’s and local media competitors’ self-defined classification from within the comScore dictionary, excluding the television stations acquired from New Vision Television in October 2012 as sites were not launched until Q2 2013.

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Our Expanded Footprint

New  Markets  LIN  Markets   Digital  Sales   Tech  Centers  Corporate  Offices  

Expanded  Shared  Services  &  Tech  Centers  

Opened  3rd  Tech  Center  

7  New  Markets  &  4M  HH  

2  New  Digital  AcquisiKons  

Digital  Sales  HQ  &  LIN  Mobile  

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Meaningful Actions to Diversify Revenue

TV Ad Revenue Reduced from 80% of Total in 2008 to 60% of Total in 2012

Digital

Other  

Political

60% 16%

10%

14%

Digital

Other

Political

80%

2%

10%

8%

2008 2012

Notes:  Digital  includes  TV  staKon  web  sites  in  2008  and  TV  staKon  web  sites,  LIN  Digital  and  Nami  Media  in  2012  Other  includes  retransmission  fees,  network  compensaKon,  barter  and  other  miscellaneous.  All  amounts  on  a  same-­‐asset  basis.  

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Unified Media Solutions ‘Under One Roof’ Ø  We utilize any combination of our multiplatform products to develop customized

campaigns that reach target audiences & generate results

We are Building Deeper Relationships with Advertisers By Offering Innovative Local Opportunities

SMS/Text Video

Local Television!

Market-leading news

Unique local programming Top-rated

syndicated programs

Digital !Media!

Targeted Websites

Mobile

Email

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Ø  37 billion – 2012 US digital advertising dollars; +15%

Ø  65% digital marketing now performance-based

Ø  137 million total smartphones in US

Ø  58% Internet users that are mobile users

Ø  1 in 8 total page views from mobile devices

Ø  17% of 2013 US digital ad spending to be mobile

Ø  27% of consumer time spent on social networks

Ø  11 billion – social media advertising revenue by 2017

Ø  Performance Marketing Ø  Planning & Buying Ø  Display & Rich Media Ø  Video Ø  Search Ø  PPC Ø  Tier I, II, III Agency & Direct Clients & Publishers Ø  Proprietary technology identifies, engages, clean

audiences Ø  “Target-ability” = ROI

Ø  Premium Publisher Relations & Inventory Ø  Creative & Delivery Ø  Reporting & Analysis Ø  Client Real-time Dashboard Ø  Mobile ROI

Ø  Platform-Agnostic Ø  Creative, Development & Implementation Ø  Facebook Preferred Developer (one of few w/ multiple

badges) Ø  Social App, Game, e-Commerce & Advertising

LIN Digital Media – Gaining Share of Wallet

Mobile  

Social  Media  

Marke=ng  Services  

300+  AEs  presen=ng  a  diversified  suite  of  marke=ng/adver=sing  solu=ons  for  every  screen    –  na=onal,  regional  and  local  

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Subscriber Fees

Broadcast TV Model Now Has Cable’s Dual Revenue Streams

Ø  Q4’12 Avg. $.47/sub; +$.13 PY Ø  2012 Avg. $.43/sub; +$.32 PY Ø  Peers starting to make retrans a priority Ø  LIN committed early; continues to see modest growth

SNL  Kagan  Retrans  Analysis  –  4Q’12    

   

75%   72%   71%   70%  

38%   38%   36%   36%  

CBS   NBC   ABC   FOX   TBSC   USA   ESPN   TNT  

CUME Rating

Ø  Broadcast TV still the best way to reach large audiences; 2x more than Cable

Source:  Adage,  SNL  Kagan,  Veronis  Suhler  Stevenson  2010-­‐2014  and  TVB  Media  Comparisons  Study.  1.  Survey  of  the  public’s  percepKon  of  adverKsing  in  media  by  delivery  type.  2.  Measure  of  weekly  cumulaKve  audience  (CUME),  defined  as  the  percentage  of  adults  tuning  into  television  each  week.  

TV Still the Dominant Media

Top  4  Broadcast  Networks     Top  4  Cable  Networks    

S=ll  the  Best  Way  to  Reach  Mass  Audiences  (2)  Most  Influen=al  Adver=sing  Medium  (1)  

Local  Ad  Revenue    Projected  TV  Sta=on  Revenue  Mix  

Magazines  2.0%  

Newspapers  3.1%  Radio  

 3.8%  

Internet  4.5%  

Mobile    0.9%  

1%  2%  1%  

96%  

7%  

19%  

74%  

Ad  Revenue  

Retrans  Revenue  

Online  Revenue  

Network  Comp  

2018  2006  

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$.8 $1.1 $1.2 $1.4 $1.6 $1.7

$16.9 $16.5 $12.6

$15.6 $15.8 $16.4

2007 2008 2009 2010 2011 2012

Website Local Broadcast TV (in billions)

1 Sinclair indicated a buyer’s multiple of 6.5x based on odd-even year EBITDA including synergies during September 8, 2011 conference call 2 On October 3, 2011 conference call, E.W. Scripps indicated a 8.0x multiple based on $190 million purchase price net of estimated present value of tax benefits and 2012 estimated cash flow; Buyer multiple based on 35% margin

3 Sinclair indicated a 6.6x buyer’s multiple of ‘12E/’13E Blended EBITDA during November 2, 2011 conference call 4 On May 9, 2012 conference call, LIN indicated a buyer’s multiple of just under 6.0x ‘11A/’12E EBITDA inclusive of $25 million of annual synergies and -4.5x ‘11A/’12E EBITDA net of estimated present value of tax step-up

5 On August 1, 2012 conference call; Sinclair indicated a buyer’s multiple of 7.2x and seller’s multiple of 9.75x based on odd-even year BCF 6 On July 19, 2012 conference call, Nexstar indicated a buyer’s multiple of 5.5x based on ‘11A/’12E BCF inclusive of $19 million of projected synergies and a seller’s multiple of 8.3x ‘11A/’12E BCF

Source: Wells Fargo Securities

Recent Private Market Broadcasting Valuations (Blended BCF Multiple)

Target:  

Acquirer:    

Seller  Mul=ple  High:                      10.4x  Median:                9.1x  Low:                            8.2x  

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Looking Forward…Industry Opportunities

Ø  Benefit from local ad recovery, particularly in auto & political

Ø  Ability to generate greater retransmission revenue

Ø  Unique & effective digital marketing services & solutions

Ø  Advanced technology creates competitive advantages

Ø  Long term disintermediation; TV aggregates largest audiences

Ø Opportunities for M&A

Catalysts

Strong Get Stronger