Summary of Results for the First Quarter Ended March 31, 2009

Net revenues decreased 20% to $74.5 million, compared to $93.1 million in the first quarter of 2008.

Digital revenues, which include Internet advertising revenues and retransmission consent fees, increased 82% to $8.9 million, compared to $4.9 million in the first quarter of 2008.

General operating expenses decreased 9% from $69.8 million in the first quarter 2008, to $63.3 million in the first quarter 2009, reflecting the benefit of the 2008 restructuring, as well as other cost -- saving measures implemented in 2009.

Operating income was $4.8 million, compared to operating income of $15.6 million in the first quarter of 2008, reflecting the decline in local, national, and political advertising sales.

Income from continuing operations was $25.0 million, which included a gain on extinguishment of debt of $28.8 million after-tax, compared to income from continuing operations of $0.9 million in the first quarter of 2008.

Net income per diluted share was $0.48, compared to net income per diluted share of $0.03 in the first quarter 2008.

Commenting on the first quarter 2009 results, LIN TV's President and Chief Executive Officer Vincent L. Sadusky said: "In a recessionary environment impacting every segment of the economy, we delivered first quarter business results consistent with our guidance. We are making important progress on all fronts of our cost and debt reduction programs, while still supporting initiatives to strengthen our local brands, improve the newsgathering process and maximize broadcast efficiency."

"In addition, we continue to advance our localized digital strategy, investing in initiatives and partnerships that will generate new revenue opportunities. The focus remains on significantly changing the Company's historic TV business model in order to operate a very healthy and cost-efficient multi-media business now and well into the future."

Special Item: Gain from Extinguishment of Debt

During the fourth quarter of 2008, we commenced a plan, under Rule 10b5-1 of the Securities Exchange Act of 1934, to purchase our 6½% Senior Subordinated Notes and 6½% Senior Subordinated Notes -- Class B (collectively the "Senior Subordinated Notes") at market prices using available balances under our revolving credit facility and available cash balances. During the first quarter of 2009, we purchased a notional amount of $121.7 million of our Senior Subordinated Notes under this plan. The total purchase price for both classes was $68.4 million, resulting in a first quarter 2009 gain on early extinguishment of debt of $50.1 million ($28.8 million after-tax), net of a write-off of related deferred financing fees.

Operating Highlights

TV Station Ratings and Revenue

Preliminary results from Nielsen's March, 2009 ratings period demonstrate the continued strength of the Company's local news products. For example, 67% of LIN TV's stations that locally produce morning news, the fastest-growing news segment in terms of audience and revenue, grew or maintained householdaudience share in the first quarter 2009. In addition, several of the Company's stations, such as WIVB-TV, WTHI-TV, WANE-TV, WWLP-TV, WLUK-TV, WOOD-TV and WAVY-TV, are the number one television stations in their markets, based on households.

Core local and national advertising sales combined, which excludes political advertising sales, decreased 24% to $72.3 million in the first quarter 2009, compared to $95.6 million for the same period in 2008, reflecting the continued impact of the economic downturn nationally and across all of the Company's markets.

Advertising categories for which revenues decreased for the first quarter of 2009, compared to the same quarter last year, were automotive, retail, restaurants, media/telecommunications, services, financial services and entertainment. Advertising categories for which revenues increased for the first quarter of 2009 included grocery and lottery/gambling. The automotive category, which represented 17% of the Company's core advertising sales for the first quarter of 2009, decreased 46% compared to the same quarter last year. The retail category, which represented 17% of Company's core advertising sales for the first quarter of 2009, decreased 15% compared to the same quarter last year.

The Company's political advertising sales were $0.5 million for the quarter ended March 31, 2009, compared to $3.2 million in the same period last year.

Digital and Interactive Initiatives

Retransmission consent fees increased 114% in the first quarter of 2009, compared to the same period in 2008, primarily due to new retransmission consent agreements reached with cable, satellite and telecommunications companies in 2008.

Internet advertising and other interactive revenues increased 22% for the first quarter of 2009, compared to the same period in 2008.

The Company announced a strategic partnership with News Over Wireless for the distribution of LIN TV's stations' local news and video on a state-of-the-art mobile platform. In addition, during the first quarter of 2009, the Company began distributing its local television station content, including news, video, weather forecasts, traffic images and more, to mobile users via a new iPhone application.

Mobile impressions for the first quarter of 2009 were 14.2 million, an increase of 28% from the fourth quarter of 2008.1

"Average time spent on site", a key performance indicator measuring how engaged users are with a web site's content, was 26 minutes, 57 seconds for the first quarter 2009, compared to 9 minutes, 44 seconds for the same period in 2008, an increase of 177%. According to March, 2009 data released by comScore, Inc., an industry leading digital marketing intelligence provider, the Company has the number one web site out of all news and media web sites in 13 of 15 of its measured markets2, based on "average time spent on site".

Unique visitors for the Company's web sites were 22.7 million for the first quarter 2009, compared to 18.2 million for the same period in 2008, representing a 25% increase. Total impressions, which include all actions by users on the Company's web sites, were 274 million in the first quarter 2009.

Operating Expenses

General operating expenses decreased by $6.6 million, or 9%, driven largely by decreases in direct operating expenses and selling, general and administrative expenses of $3.2 million and $3.0 million, respectively, compared to first quarter 2008.

Management is continuing to evaluate LIN TV's operations and cost structure to identify further opportunities for cost savings and anticipates taking a restructuring charge in the second quarter of 2009.

Key Balance Sheet and Cash Flow Items

Total debt outstanding at March 31, 2009 was $686.1 million, as compared to $743.4 million at December 31, 2008. Cash and cash equivalent balances at March 31, 2009 were $15.4 million, as compared to $20.1 million at December 31, 2008. During the quarter ended March 31, 2009, the Company paid $4 million of principal on its term loan balance. The Company's outstanding revolving credit facility balance was $201.0 million at March 31, 2009, as compared to $135.0 million at December 31, 2008, with $24.0 million available for borrowing under that facility. Consolidated leverage, as defined in the Company's credit agreement, was 6.0x as of March 31, 2009 compared to 5.7x as of December 31, 2008. Other components of cash flow for the first quarter of 2009 were cash capital expenditures of $1.9 million and cash payments for programming of $4.6 million.

During the quarter ended March 31, 2009, the Company, under its Rule 10b5-1 plan, which expired on February 24, 2009, purchased a further notional amount of $121.7 million of its Senior Subordinated Notes using available balances under its revolving credit facility and available cash balances. Cumulatively, under the 10b5-1 plan, the Company purchased $147.8 million or 26% of its outstanding Senior Subordinated Notes at an average discount of 45.4% off their stated par value, thereby extinguishing $67.1 million of net debt.

Subsequent Events

On April 9, 2009, the Company received written notice from the New York Stock Exchange ("NYSE") that it had accepted LIN TV's plan to regain compliance with the NYSE's market capitalization listing criteria. As a result of its acceptance, LIN TV continues to be listed on the NYSE and will undergo quarterly performance reviews of the goals and initiatives outlined in its plan during the 18 month period from the receipt of notice, January 8, 2009. LIN TV is required to achieve an average market capitalization over a consecutive 30 trading-day period of at least $75 million at the completion of the 18 month plan period, or over two consecutive quarterly monitoring periods prior to that date, in order to effect a cure.

In June 2008, Banks Broadcasting Inc., in which LIN TV owns preferred stock that represents a 50% non-voting interest, signed a purchase agreement to sell KNIN-TV, a CW affiliate in Boise, for $8.0 million to Journal Broadcasting Corporation. The FCC approved the transfer of the FCC license for the station to Journal Broadcasting in January 2009. Although the sale was scheduled to close on March 11, 2009, Journal Broadcasting declined to close and asserted that a condition to its obligation to close had not been satisfied. Banks Broadcasting subsequently agreed to resolve the dispute by agreeing to a purchase price of $6.6 million, and the transaction closed on April 23, 2009.

Business Outlook

The results presented in this release, including all of the amounts discussed in this Business Outlook section, reflect the classification of the operations of Banks Broadcasting, Inc. as discontinued operations for all periods presented. The Company has provided historical quarterly financial information for its continuing operations on its web site. Interested parties should go to www.lintv.com and in the "Investor Relations" section, click on "Financial Reports & Releases," then "Quarterly and Other Reports" and then "Supplemental Financial Data."

Based on current sales order pacings, which reflect the challenging economic environment, the market decline for both local and national advertising spending and expected reduced political advertising this year, the Company expects that second quarter 2009 net revenues will decrease in the range of 18.9% to 23.7% (or $19.6 million to $24.6 million), compared to net revenues of $103.7 million for the second quarter of 2008.

In addition, due to decreases in variable sales costs and other cost reduction actions, the Company expects that its station direct operating and SG&A expenses will decrease in the range of 10.2% to 12.9% (or $5.9 million to $7.5 million) for the second quarter of 2009 compared to expenses of $57.9 million for the second quarter of 2008. For the full year, we expect station direct operating and SG&A expenses will decrease in the range of 8.4% to 10.4% (or $19.7 million to $24.3 million) compared to reported expenses of $233.8 million for 2008. Given the state of the economy and the level of uncertainty in predicting advertising revenue, the Company has defined a series of further cost reduction actions that the Company could potentially enact and largely realize during the remainder of 2009. These cost reductions are not reflected in the amounts disclosed below. The Company's current outlook for revenues, expenses and cash flow items for the second quarter and full year 2009, excluding special items, are anticipated to be in the following ranges:

                                                        Second Quarter 2009      Full Year 2009             Net advertising revenues                              $66.1 to $69.1 million                              Net digital revenues                                  $10.0 to $11.0 million                              Network comp/Barter/Other revenues                    $3.0 to $4.0 million                                Total net revenues                                    $79.1 to $84.1 million                              Direct operating and SG&A expenses((1))               $50.4 to $52.0 million   $209.4 to $214.0 million   Station non-cash stock-based compensation expense     $0.1 to $0.5 million     $1.5 to $3.0 million       Amortization of program rights                        $5.5 to $6.0 million     $23.8 to $25.3 million     Cash payments for programming                         $6.0 to $7.5 million     $25.9 to $28.4 million     Corporate expense((1))                                $3.5 to $4.5 million     $15.9 to $18.9 million     Corporate non-cash stock-based compensation expense   $0.3 to $1.0 million     $2.0 to $4.0 million       Depreciation and amortization of intangibles          $7.5 to $8.5 million     $30.0 to $32.0 million     Cash capital expenditures                             $4.0 to $6.0 million     $12.0 to $14.0 million     Cash interest expense                                 $8.0 to $9.0 million     $36.0 to $38.0 million     Principal amortization of the term loans              $4.0 million             $15.9 million              Cash taxes                                            $0.2 to $0.4 million     $0.4 to $1.0 million       Effective tax rate                                    40% to 43%               40% to 43%                 Distributions from equity investments                 $3.0 million             $3.0 million               ((1)) Includes non-cash stock-based compensation expense.