By: E&P Staff Landmark Media Enterprises pulled most of its properties off the auction block on Thursday citing the credit meltdown in the financial markets. The Virginian-Pilot in Norfolk, however, remains up for sale.
Landmark Vice Chairman Richard F. Barry III, told the Virginian-Pilot they are currently in discussions with an interested party. "The buyer is encouraged about obtaining financing," he told reporter Philip Walzer.
Landmark announced the decision to put its properties, including its information and marketing services company Dominion Enterprises, on the market last January. The company sold the Weather Channel to NBC Universal and two private equity firms for roughly $3.5 billion.
Frank Batten Jr., chairman and CEO of Landmark, said in a statement: "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."
Batten said executives did not want to sell properties at a time of "uncertainty at depressed values."
Several newspapers are up for sale around the country including The San Diego Union-Tribune and the Austin American-Statesmen.
"The market is awash in sellers and no buyers," newspaper analyst John Morton told Walzer. "People are very leery. They're not sure what they should pay or how well the newspapers are going to come out of the recession they've been in."
Comments
No comments on this item Please log in to comment by clicking here