March 21, 2014 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of LIN MEDIA LLC (NYSE:LIN) shares, was announced concerning whether the takeover of LIN MEDIA LLC by Media General, Inc for a value of approximately $27.82 per share is unfair to NYSE:LIN stockholders.

The investigation by a law firm concerns whether certain officers and directors of LIN MEDIA LLC breached their fiduciary duties owed to NYSE:LIN investors in connection with the proposed acquisition.

On March 21, 2014, Media General, Inc. (NYSE: MEG) and LIN Media LLC (NYSE: LIN) announced a merger agreement. Under the terms of the agreement, and based on Media Generals trailing 20-day volume weighted average price on March 19, 2014, the shareholders of LIN Media will receive aggregate consideration valued at $1.6 billion in a combination of stock and cash, or approximately $27.82 per share if prorated ratably.

However, given that Royal W. Carson, III, a director of LIN Media, and affiliates of HM Capital Partners I LP HMC, who together beneficially own all of the LIN Media Class C shares and therefore possess 70% of LIN Media LLC's combined voting power and, that affiliates of Standard General, which hold approximately 30% of Media Generals shares, have already agreed to vote in favor of the transaction, the investigation concerns whether the offer is unfair to NYSE:LIN stockholders.

In addition, given that at least one analyst has set the high target price for NYSE:LIN shares at $32.00 per share and that NYSE:LIN shares traded before the takeover announcement in the open market on December 31, 2013as high as $28.71 per share, the investigation concerns whether the LIN MEDIA Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Furthermore, LIN MEDIA LLCs performance improved recently. For instance, its Total Revenue rose from $553.46 million in 2012 to $652.36 million in 2013 and its Net Loss of $7.04 million in 2012 turned into a Net Income of $158.11 million in 2013.

Shares of LIN MEDIA LLC (NYSE:LIN) closed on March 21, 2014, at $26.32 per share.