Landmark Continues Asset Sales
With its largest property—by far—now sold, the media conglomerate continues its breakup play, selling another of its most attractive assets.
July 14, 2008
Landmark Communications entered into an agreement to sell one of its two television affiliates, the media company announced Monday. Landmark will sell, for terms that were not immediately disclosed, its Nashville, Tennessee, CBS affiliate to Bonten Media Group, a television broadcasting group that was formed by Diamond Castle Holdings LLC.
Lehman Bros. will provide debt financing for the deal; UBS served as Bonten Media Group’s advisors on the deal and Diamond Castle Holdings put up the equity portion of the purchase.
"We are thrilled to add WTVF, a market-leading CBS affiliate, to Bonten Media Group’s portfolio of high performing television stations," said Randy Bongarten, chairman and chief executive of Bonten Media Group. "This acquisition reflects our confidence in the future of WTVF in particular and of local television in general."
The move comes just a week after Landmark Communications’ parted with its most prized asset—The Weather Channel—to NBC Universal, Bain Capital and the Blackstone Group for what was reportedly $3.5 billion, significantly less than what the privately-held Virginian media company had sought.
Landmark still retains another television affiliate, this one, a CBS station in Las Vegas, Nevada, as well as daily and weekly newspapers in 16 states. A company source, when reached for comment prior to the conglomerate’s sale of The Weather Channel, said Landmark will rid itself of all of its divestitures by year’s end.
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