The Virginian-Pilot
©
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
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Hard to predict
Of course it's hard to predict when the land will sell all! Land business nowadays is very hard... Ain't as it was 3 4 years ago..
Anyway good luck Barry, poker bot !
Internet
It's hard to compete with the internet.
The Pilot provides yesterday's news tomorrow.
Well said
Well said CFredrick
As for a purported bias, losers always blame the media. Conservatives always blame Hollywood. Liberals always blame small-mindedness. The Pilot has an enviable history of progressive stances. It's a shame we're losing so many writers and editors who know the local scene and its history, who know the people behind the stories, and know which stories need telling. You sure won't get that from any of the local TV broadcasters, who seem content to do little more than read the police blotter.
I'm sure it has a lot to do with the fact the Banks took our Bailout money and are giving themselves raises, buying other banks as opposed to making it available to help the credit crunch....When will government learn not to play bank with a banker....This industry needs serious regulation to protect citizens from these greedy treacherous men..
The bias will continue.
The bias will continue.
It's all about the money
Some year, people will learn that it's not about being left or right wing, but about making money. Money drives the media more than anything else. It IS a business after all. Do those who watch Fox News actually think Rupert Murdoch created it just to give right wingers a news channel? He did it to MAKE MONEY, plain and simple.
As for the Virginia Pilot being sold, with newspapers being a dying media, it doesn't surprise me they haven't had much luck selling it. It reminds me of the old joke of the guy in the alley way offering some 'great' deal to any passersby gullible enough to stop and listen to him.
Crossword and Bird Cages
The only reason I take the VP.
The challenges facing the Pilot
The challenges facing the Pilot are no different from those facing papers of all papers, and papers whose editorial pages espouse all political points of view. By virtue of your presence here, most of the people posting here are showing their support for the concept of a newspaper. But there are fewer of us these days. It's not much more complex than that.
As for a purported bias, losers always blame the media. Conservatives always blame Hollywood. Liberals always blame small-mindedness. The Pilot has an enviable history of progressive stances. It's a shame we're losing so many writers and editors who know the local scene and its history, who know the people behind the stories, and know which stories need telling. You sure won't get that from any of the local TV broadcasters, who seem content to do little more than read the police blotter.
They need Subscribers subscribers subscribers
There is always someone making money regardless of the state of the economy. The Warren Buffets of the world are today buying stocks at bargain prices, poised to profit when the market stabilizes and stock values climb again.
The sale of the Pilot seems more a "how much is it worth" issue than a bad economy thing. The VP's value is based on how many readers it has, which determines advertising rates. Landmark wants to sell for $XXX dollars, and a buyer wants to pay $xx dollars based on the VP's earning potential.
The SS VA Pilot left a wide wake this election cycle, alienating a good percentage of Hampton Roads with percieved biased coverage and news stories belonging in "Opinions", not on the front page. With the election over, the Pilot will focus on repairing the damage they caused, try to get the number of readers/subscribers to marketable levels, and sell the paper for more $$$.
The Daily Planet they ain't.
Newspaper
Do you really think a newspaper is a good investment and more so with the economy tanking?
Huh??
Can the Pilot be a beacon of light in this area?
Submitted by Liz Day on Wed, 12/03/2008 at 10:32 am.
--------------------------------
Just what the heck does that MEAN? A beacon of light?
Newspapers are supposed to report the news. Alternatively, they have an editorial staff that makes opinion on issues. Their opinions are based on what they think is right, and when the issue is political, their political philosophies will color their opinion.
Ms. Day, I'm not targeting you, but the term "Beacon of Light" brings to mind bringing home wayfaring sailors ... showing them the way. I do not give that much power to newspapers. They are a bunch of people like you and me, with differing opinions, no worse or better than mine. I may agree or disagree with them, but they do not make my opinion for me. I think that ascribing such an all-knowing aura on any media is dangerous.