PHILADELPHIA, Nov. 12 /PRNewswire-FirstCall/ -- Lincoln Financial Group (NYSE: LNC - News) today announced that it has reached definitive agreements to sell its three television stations in Charlotte, Richmond, and Charleston, as well as its sports syndication business, to Raycom Media for $583 million in cash. Lincoln Financial also announced that it has reached a separate definitive agreement with Greater Media to sell its Charlotte radio stations for $100 million in cash. The company will continue to operate and invest in its remaining radio properties to improve value and will explore options to divest those assets as market conditions dictate.

"We are pleased to have reached these agreements with Raycom Media and Greater Media," said Lincoln Financial Group President and CEO Dennis R. Glass. "Raycom has been a valuable partner in the sports syndication business and, given Raycom's presence in the southeastern U.S., is a logical partner for our television assets. Greater Media is a well-established company with significant radio holdings in Boston, Detroit, and Philadelphia, as well as throughout New Jersey. It is known for its belief in local management and community service. Both are high-quality media companies with a commitment to building these businesses."

Net proceeds from the transactions are expected to be used primarily for debt reduction and share repurchases. The sports syndication transaction is expected to close by early December. The transactions for the television and radio properties, which are expected to close by the second quarter of 2008, are subject to regulatory approval and other customary closing conditions. Management expects to provide additional information regarding the transactions at the company's 2007 Conference for Investors and Bankers on November 13, 2007.

Merrill Lynch & Co. served as exclusive financial advisor to Lincoln Financial Group.

About Lincoln Financial Group

Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC - News) and its affiliates. With headquarters in Philadelphia, the companies of Lincoln Financial Group had assets under management of $251 billion as of September 30, 2007. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life and disability insurance; 401(k) and 403(b) plans; savings plans; mutual funds; managed accounts; institutional investments; and comprehensive financial planning and advisory services. Affiliates also include: Delaware Investments, the marketing name for Delaware Management Holdings, Inc. and its subsidiaries; Lincoln Financial Media, which owns and operates three television stations, 18 radio stations, and the Lincoln Financial Sports production and syndication business; and Lincoln UK. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com.

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Source: Lincoln Financial Group

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