P.M. BRIEFING : McCaw Extends LIN Takeover Bid

McCaw Cellular Communications Inc. said today that it will extend its $120-per-share hostile takeover bid for LIN Broadcasting Corp. until July 20.

McCaw said it is considering whether to adjust that offer and will announce its decision next week. The company reserved the right to extend the offer beyond July 20. The offer was due to expire at midnight Thursday.

A revision of the takeover bid would reflect LIN’s legal loss to Metromedia Inc. last week over the right to buy Metromedia’s interests in cellular telephone systems in Philadelphia and New York, McCaw said.