McCaw Raises Stake in in Broadcasting Firm

A group including McCaw Cellular Communications Inc. has increased its stake in Lin Broadcasting Corp. to 7.64%, according to a filing with the Securities and Exchange Commission.

In a July 8 letter to Lin Broadcasting President Donald A. Pels, McCaw President Wayne Perry said his firm plans to buy more Lin Broadcasting shares because the New York company’s litigation with Metromedia Inc. has decreased the price of its stock to a level that “represents a tremendous bargain.”

McCaw, a Washington-based cellular phone concern, bought 526,600 Lin Broadcasting common shares at $57.25 to $63 each between May 13 and July 11, raising its stake in the radio and TV firm to almost 4 million shares, according to the filing.