Media company Landmark suspends assets sales

NORFOLK, Va. - Media company Landmark Communications said Wednesday it is suspending the planned sale of most of its properties because buyers are having trouble getting loans amid the credit crisis.

The privately held media company said it will operate the businesses for several years before restarting the sales process, though it will consider offers in the interim.

Norfolk, Va.-based Landmark announced plans in January to sell The Weather Channel, The Virginian-Pilot, eight other daily newspapers and television stations and Internet businesses.

Landmark closed a $3.5 billion sale of The Weather Channel to NBC Universal and two private equity firms in September.

Chief Executive Frank Batten Jr. said current economic conditions have made it difficult for companies to obtain bank commitments. He also said it made it very difficult to value a business.

Landmark said it announced this month that an agreement to sell WTVF-TV in Nashville was canceled because the buyer lost its financing.

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