Landmark Update: Sale of properties on hold, except for the Virginian-Pilot

franticscribe · Oct 29, 2008

http://hamptonroads.com/2008/10/landmark-suspends-sale-most-assets-not-virginianpilot

By Philip Walzer
The Virginian-Pilot
© October 29, 2008

NORFOLK

Landmark Media Enterprises LLC announced today that it has suspended the search for buyers for most of its properties, including Dominion Enterprises, citing the “credit crisis.” But the company is continuing negotiations to sell The Virginian-Pilot.

“We are having discussions regarding The Virginian-Pilot with an interested buyer,” Landmark’s vice chairman, Richard F. Barry III, said today. “The buyer is encouraged about obtaining financing.”

Barry declined to identify the prospective buyer or say when he expected the sale to be completed.

Landmark, in a press release, said it will suspend the sales process for most of its businesses, including Dominion Enterprises, an information and marketing services company that owns a 20-story building in downtown Norfolk.

“The credit crisis has made it virtually impossible for companies to obtain bank commitments to help finance acquisitions,” said Frank Batten Jr., Landmark’s chairman and chief executive officer, in a statement. “And the recession has reduced revenue and earnings and made it very difficult to value a business. As a result, we have decided to largely suspend the sales process.

“We are proud of our businesses and confident about their future – and will not sell them at a time of uncertainty at depressed values,” Batten said.

Landmark officials announced in January that they were looking to sell the media company’s businesses.

In September, Landmark completed the sale of its most profitable business, The Weather Channel Cos., to NBC Universal and two private equity firms. The sales price was not disclosed, but people close to the parties said it was about $3.5 billion.

Two weeks ago, however, Landmark announced that the planned sale of its Nashville television station to Bonten Media Group Inc. of New York had fallen through because of credit market problems.

In a separate statement, Landmark also announced the retirements of three top executives.

Decker Anstrom, president and chief operating officer, will retire at the end of the year, the statement said. Bruce Bradley, president of Landmark Publishing Group, plans to retire in mid-November. Charlie Hill, executive vice president for human resources, also will retire in mid-November.

The executives had planned their retirements for some time, but delayed their departures because of the company's sale process, the statement said.

Michael Abernathy, president of Landmark Community Newspapers, will assume the duties of president of the Landmark Publishing Group, the statement said. The community newspaper group is located in Shelbyville, Ky.
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Landmark Update: Sale of properties on hold, except for the Virginian-Pilot

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Landmark Update: Sale of properties on hold, except for the Virginian-Pilot

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