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What: Shares of LIN TV (NYSE:LIN) were up as much as 13% today, climbing steadily after the local media provider announced this morning its second acquisition in less than a week.
So what: LIN, which specializes in local multimedia and advertising, said it had gained majority ownership of Dedicated Media, "a leader in multi-channel ad buying and optimization," according to LIN's press release. Management said the acquisition will help maximize the effectiveness of its advertising and add depth to its targeted marketing suite.
Now what: Perhaps proving that boring businesses often make the best investments, LIN shares have been on fire over the past year, gaining more than 300% since the summer. Today's acquisition comes on top of LIN's purchase last week of a majority stake in HYFN, a social media management specialist, showing that the media company has its eye on continued growth. Don't be surprised to see shares keep moving higher from here.
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