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Radio to Remain in Place After Jeff-Pilot Merger

Radio to Remain in Place After Jeff-Pilot Merger

Lincoln National Corp. and Jefferson-Pilot Corp. say they’ll merge. The companies’ boards have approved a merger into Lincoln Financial Group. Shareholders of both must now vote.
The companies said Jefferson-Pilot Communications will remain in place. That branch of the company owns 18 radio and three TV stations as well as a sports production and syndication business.
The new parent is described as a “provider of life insurance, annuity, retirement income and investment products and services,” supported by “retail and wholesale distribution platforms” that provide financial products and solutions.
JP shareholders will get 1.0906 Lincoln shares for each JP share; the companies say this translates to an aggregate cash payment to JP shareholders of $1.8 billion. Those shareholders would own approximately 39 percent of the combined company.
“Communications,” under which radio falls, represents 10 percent of Jeff-Pilot’s current income from operations. It will be 4% of the new combined company’s total.
Jon Boscia, chairman and CEO of Lincoln, will hold that same title after the merger; Dennis Glass, president/CEO of Jefferson Pilot, becomes president/COO.
Lincoln Financial Group’s corporate offices will be in Philadelphia. Greensboro, N.C., will be the center of operations for life insurance; Fort Wayne, Ind., will be the center for annuity operations.
The firms said significant operations will remain in Concord, N.H., and Hartford, Ct.