Market Monitor

October 15, 2008 at 09:55 AM EDT
Bonten Media Group Acquisition of WTVF, Nashville From Landmark Media Enterprises, LLC Cancelled

NEW YORK, NY -- (Marketwire) -- 10/15/08 -- Landmark Media Enterprises, LLC has terminated the agreement to sell WTVF, Nashville to Bonten Media Group Inc. following Bonten's notification to Landmark that due to financing issues it would not be able to close on the acquisition on time.

"We are disappointed we will not be able to complete the acquisition of this fine television station," said Randall D. Bongarten, Chairman and CEO of Bonten Media Group. "Unfortunately, credit markets around the world have seriously deteriorated following the failure of Lehman Brothers, through whom we had arranged financing for the acquisition. Despite vigorous efforts, we have not been able to replace the Lehman Brothers commitment. Throughout the past several months, as we worked toward closing, we have been very impressed by the people of Landmark and WTVF. We appreciate their cooperation and wish them the very best.

"Bonten Media Group will continue to pursue acquisitions as the credit conditions improve and we look forward to continued growth for our company both organically and through acquisition."

"We are also disappointed this sale could not close, as we have developed great admiration for Randy Bongarten and Bonten Media," said Decker Anstrom, President of Landmark. "We have tremendous confidence in Debbie Turner, President and General Manager, and the News Channel 5 team however, and we look forward to continuing to operate and invest in the #1 television station in Nashville."

Bonten Media Group was formed in November 2006 by Diamond Castle Holdings, LLC and Randy Bongarten for the purpose of acquiring and operating local television stations in the United States. Bonten Media Group currently operates sixteen* full power, low power and digital television stations in eight markets, including: WCYB (NBC), WEMT* (FOX) and CW-4 (CW-DT), Tri-Cities, TN/VA; WCTI (ABC), WFXI/WYDO* (FOX) and ENC-TV (IND-DT), Greenville-New Bern, NC; KRCR (ABC), Chico-Redding, CA; KTXS (ABC), KTES-LP (Telemundo) and CW Abilene (CW-DT), Abilene, TX; KECI/KCFW (NBC), Missoula, MT; KTVM (NBC), Butte-Bozeman, MT; KTXE-LP (ABC), San Angelo, TX; and KAEF (ABC), Eureka, CA.

*Bonten Media Group operates WEMT and WFXI/WYDO via JSA/JOA agreements with Esteem Broadcasting.

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