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Providence Journal

Jul. 27--A Providence-based company that runs 23 television stations nationwide is making a change in its executive suite.

LIN TV Corp. (NYSE:TVL), whose properties include WPRI (Channel 12), said yesterday that it has created and filled the new position of chief financial officer. LIN also said that the company's longtime treasurer will resign.

Vincent L. Sadusky, chief financial officer and treasurer of Telemundo Communications, a unit of NBC, will take over as LIN's vice president and CFO in mid-August.

At about the same time, Deborah R. Jacobson, who has been LIN's treasurer and vice president for corporate development since 1995, will resign, the company said.

Gary R. Chapman, LIN's chairman, president and chief executive officer, called Sadusky "a proven financial executive in the television industry."

"We believe that his expertise and experience at Telemundo are an excellent fit with our company. We look forward to his leadership of our financial organization at this important time for LIN TV and the broadcasting industry," Chapman said in a statement.

Sadusky said in the statement, "Under Gary Chapman's innovative leadership, the company has assembled a great group of stations and developed an operating strategy that I believe will serve the company well in any regulatory or economic environment. Additionally, the steps LIN has taken in recent years to improve its capital structure position the company to pursue a number of attractive growth opportunities."

Of Jacobson's departure, Chapman said, "We are grateful to Deb Jacobson for her important contributions to LIN TV during the past nine years. Our company has evolved considerably during the period and Deb's financial and strategic expertise have been important elements of our success."

In a telephone interview yesterday, Chapman said the company has grown over the last 10 years or so, from 7 TV stations and about 800 employees, to 23 stations and more than 2,000 employees.

In addition, like other publicly held companies, LIN TV faces increased regulatory burdens in the area of corporate governance, he said.

For this and other reasons, the time has come for LIN to add the new position of chief financial officer, responsible for all of the company's accounting and finance functions, Chapman said.

Sadusky said by phone that he views the new post as a "tremendous opportunity" to work with Chapman and LIN's operating team, which he said are "legendary" in the TV industry.

With the reorganization of LIN, and the creation of the new position, Jacobson decided to leave, Chapman said. "It was just an opportunity, I think, for Deb to take some time off," he said. "That was her decision."

Chapman said he worked closely with Jacobson over the years. For example, they worked together in the process by which the company was brought public. He said he has had "a wonderful working relationship with her," adding, "She's done a terrific job."

Jacobson said in a telephone interview that, with the changes taking place at LIN, this seemed like a good time to take a break.

Since graduating from the University of Virginia in 1981, she has had only five months' leave -- including time she took for two maternity leaves and a move from New York to Rhode Island.

"This is a break -- to recharge, reenergize, and see what opportunities arise," she said.

Sadusky said he plans to move to Rhode Island and has been house-hunting in the Providence area. He said he now lives in Boca Raton, Fla., and works for Telemundo in Miami. LIN TV has its headquarters at Richmond Square.

For the three months ended March 31, the latest period for which figures are available, LIN TV reported a net profit of about $1.36 million, or 3 cents a share, on nearly $80 million in revenue. That compared with a year-earlier loss of nearly $41 million, or 82 cents a share, on quarterly revenue of $73.6 million, according to a filing with the U.S. Securities and Exchange Commission.

The company is scheduled to post its latest earnings report on Thursday.

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