The price of Lin TV (TVL) Class A shares has been surging over the last few months as Lin TV has improved its results and repeatedly raised guidance. Back in July of this year, and due to its favorable price, free-cash-flow  was 30% of market capitalization. With the recent rise in price, FCF has normalized to about 17.4% of market capitalization.
Yet, if we instead count FCF as Lin TV does  then year to date FCF is $105 million for the first nine-months of 2012. That, over the current market capitalization of about $375 million, equates to a trailing nine-month FCF yield of 28% -- or an annualized yield of 37%.
Further, the company sells at...
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