LIN Plans Spinoff: LIN Broadcasting Corp., which...

LIN Plans Spinoff: LIN Broadcasting Corp., which has interests in television, cellular telephone service and publishing, said its board has approved in principle spinning off its seven TV stations as a separate company. The company, a frequent subject of takeover speculation, said the spinoff would be “for operating purposes aimed at maximum development of the company’s two principal businesses, each of which will operate as an independent publicly held company.” Wall Streeters pushed the company’s stock sharply higher on the news, and LIN’s stock rose $4.75 a share to $101 in over-the-counter trading. Analysts have said the company’s cellular telephone business has proven increasingly attractive as that fledgling industry has expanded rapidly.