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