New LCNI update

KYSportsWriter · Oct 29, 2008

Received word today that we are being taken off the market due to a struggling economy. Don't know how long that will last.

Landmark Media Enterprises, LLC announced today that, due to difficult credit markets, it was largely suspending the process to sell its remaining businesses. The process was launched in January and led to the sale in September of The Weather Channel Companies and some smaller sales. Landmark announced earlier this month that its agreement to sell WTVF-TV in Nashville was cancelled because the buyer lost its financing.

Frank Batten Jr., Landmark’s Chairman and CEO, said, “We are in the midst of an extraordinary economic downturn. The credit crisis has made it virtually impossible for companies to obtain bank commitments to help finance acquisitions. 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 that Landmark will operate its businesses for several years before re-instituting the sales process, although it will consider offers during the interim. The Landmark businesses are Dominion Enterprises, The Virginian-Pilot Media Companies and Continental Broadband in Norfolk, plus newspapers, TV stations and interactive businesses elsewhere in the U.S.
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LCNI is also going through management changes:

Norfolk, VA -- Frank Batten Jr., Chairman and CEO of Landmark Media Enterprises, LLC, today announced a number of senior management changes:

- Decker Anstrom, Landmark’s President and Chief Operating Officer, is retiring at the end of the year;

- Bruce Bradley, President of the Landmark Publishing Group, is retiring in mid-November; and

- Charlie Hill, Executive Vice President for Human Resources, is also retiring in mid-November.

These retirements had been planned for some time, but were delayed pending the outcome of Landmark’s sale process, now suspended, Batten said.

Batten also announced that Michael Abernathy, President of Landmark Community Newspapers (LCNI) in Shelbyville, KY would assume the additional role of President of the Landmark Publishing Group, succeeding Bradley.

Anstrom joined Landmark in 1999 as President of The Weather Channel, having previously served as CEO of the National Cable Television Association in Washington. He became president and COO of Landmark in 2002. “Decker Anstrom has made many enduring contributions to Landmark’s success during his tenure,” Batten said. “We wish him well as he moves on to new endeavors.”

Bradley started his career as a classified advertising salesman at The Virginian-Pilot in 1974. He held numerous management positions at various Landmark newspapers, including Publisher of The Virginian-Pilot. “Bruce Bradley has led with integrity, vision, a keen focus on customers, and a deep passion for the vital role of newspapers,” Batten said.

Hill joined Landmark in 1991 as Vice President for Human Resources, and has served as Executive Vice President since 2004. “Charlie Hill has played a key role in developing Landmark’s initiative for diversity in the workforce and an important senior management development program,” Batten said.

Abernathy has been President of LCNI since 2001. He has been in the newspaper business with Landmark for more than 25 years, beginning his career as an advertising account executive at The Virginian-Pilot. He has led a string of successful acquisitions at LCNI and has overseen the development of new online businesses.
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imjustagirl · Oct 29, 2008

http://www.sportsjournalists.com/forum/threads/63005/

That one didn't get any love,though.

How's it being met in your shop, KY?

Freelance Hack · Oct 29, 2008

Didn't realize the LCNI papers were on the market. I thought it was just Landmark's bigger properties.

Hope all's going well in E'town and Carroll County and elsewhere.

KYSportsWriter · Oct 29, 2008

imjustagirl said:

How's it being met in your shop, KY?
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The only thing I know is, well, next to nothing. They haven't said much of anything, except that we were off the market.

No one's really talked about it all that much.

Colton · Oct 30, 2008

Hang tough, KY.

KYSportsWriter · Oct 30, 2008

Thanks Colton. How are things your way?

Colton · Oct 30, 2008

KY: As you've heard, not so hot, but I'm more concerned about the poor folks who were screwed over.

Turns out, things worked out better for you than they could have.

Be strong, my friend.

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New LCNI update

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New LCNI update

KYSportsWriter Well-Known Member

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Colton Active Member

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