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Sale process for The Virginian-Pilot is put on hold
(Virginian-Pilot, The (Norfolk, VA) Via Acquire Media NewsEdge) Dec. 3--NORFOLK -- The Virginian-Pilot won't be sold. At least for now.
The owner of The Pilot, Landmark Media Enterprises LLC, announced Tuesday that it had taken the newspaper and its affiliates off the market, citing the credit crunch.
Landmark, however, intends to resume the sale process for The Virginian-Pilot Media Cos. when the economy improves, said Richard F. Barry III, the company's vice chairman. The company, he said, will remain open to offers in the meantime.
Landmark officials said in January that they were looking to sell all of their properties, without offering a reason. In September, Landmark completed the sale of its best-known business, The Weather Channel Cos., to NBC Universal and two private-equity firms.
But the next month, Landmark said it had taken nearly all of its other properties, including Dominion Enterprises, a marketing services company based in Norfolk, off the market.
Most of the prospective buyers, stymied by the credit crunch, could not get financing, Barry said. But Landmark continued negotiations for The Pilot with a buyer who Barry said was "encouraged about obtaining financing."
On Tuesday, though, Landmark announced that it was suspending the sale process for the newspaper.
"The party was very enthusiastic about buying The Virginian-Pilot Media Cos. and was putting together a financial package but could not complete it because of the credit squeeze," Barry said.
The decision, he said, was mutual. Barry declined to name the company with which Landmark was negotiating.
The Virginian-Pilot's affiliates include military-base newspapers; publications such as Port Folio Weekly and Inside Business; a direct mail company; and Web sites including PilotOnline.com, HamptonRoads.com and HamptonRoads.tv.
Barry said last month that Landmark was talking to potential buyers for two other properties, both outside Norfolk. But now all of the company's businesses are off the market, he said Tuesday.
Landmark still intends to sell "all of its assets," Barry said. It will remain open to offers and will place its businesses back on the market once the economy perks up.
Barry said he couldn't predict when that would happen. A news release from Landmark last month said the company "will operate its businesses for several years before reinstituting the sales process."
Philip Walzer, (757) 222-3864, phil.walzer@pilotonline.com
To see more of the The Virginian-Pilot, or to subscribe to the newspaper, go to http://www.pilotonline.com.
Copyright (c) 2008, The Virginian-Pilot, Norfolk, Va.
Distributed by McClatchy-Tribune Information Services.
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