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FOR IMMEDIATE
RELEASE: October 15, 2008
Bonten Media
Group Acquisition of WTVF, Nashville Cancelled
New York, NY
- 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
ineight 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.
Contact: Randall
D. (Randy) Bongarten
Phone: (212) 710-7770
Email: rbongarten@bontenmedia.com
*Bonten Media
Group operates WEMT and WFXI/WYDO via JSA/JOA agreements with Esteem
Broadcasting.
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