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  5. 74 N.Y.2d 54 (1989)
 

LIN v. METROMEDIA, INC.

74 N.Y.2d 54 (1989)

LIN Broadcasting Corporation et al., Appellants, v. Metromedia, Inc., et al., Respondents. In the Matter of LIN Broadcasting Corporation et al., Appellants, v. Metromedia, Inc., et al., Respondents.

Court of Appeals of the State of New York.

Decided June 30, 1989.

Attorney(s) appearing for the Case

Robert B. Fiske, Jr., Guy Miller Struve, Joan I. Greco, Susan L. Merrill, Robert S. Rifkind, Lawrence M. Rolnick and Peter L. Skolnik for appellants.

Arthur L. Liman, Samuel J. Silverman, Robert S. Smith and Clyde Allison for respondents.

Judges SIMONS, KAYE, ALEXANDER, TITONE and BELLACOSA concur; Chief Judge WACHTLER taking no part.

HANCOCK, JR., J.

We have held that a right of first refusal or preemptive right — as distinguished from an option — does not "give its holder the power to compel an unwilling owner to sell; it merely requires the owner, when and if he decides to sell, to offer the property first to the party holding the preemptive right so that he may meet a third-party offer or buy the property at some other price...

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