December 3, 2008

Virginian-Pilot sale postponed

Landmark Media Enterprises LLC said it was taking its Norfolk, Va., newspaper The Virginian-Pilot off the market due to the weak economy.

Landmark's Vice Chairman Richard Barry III, however, said the newspaper will be offered for sale when the economy improves, The Virginian-Pilot reported Wednesday.

Most of the prospective buyers for the newspaper couldn't arrange credit to complete a deal, Barry said.

One buyer came close. 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 to The Virginian-Pilot.