Skip to main content

Dominion Enterprises sale of media businesses suspended

Landmark Media Enterprises announced that, due to the credit situation, it is suspending the sale of most of its remaining businesses, including Dominion Enterprises, the parent company of Soundings Trade Only.

Dominion, based in Norfolk, Va., also is the parent company of such marine magazines as Soundings consumer magazine (Trade Only’s sister publication), PassageMaker and Nor’easter, as well as the BoatTraderOnline.com, boats.com, YachtTraderOnline.com and YachtWorld.com Web sites.

“We are in the midst of an extraordinary economic downturn. The credit crisis has made it virtually impossible for companies to obtain bank commitments to help finance acquisitions,” said Frank Batten, Jr., Landmark chairman and CEO.

“And the recession has reduced revenue and earnings and made it very difficult to value a business. As a result, we have decided to largely suspend the sales process.  We are proud of our businesses and confident about their future — and will not sell them at a time of uncertainty at depressed values,” he added.

In a note to Dominion Enterprises employees yesterday, Dominion president and CEO Conrad M. Hall said that, “Just as we have over the past year, we will continue to focus on growing and expanding our businesses, and building a strong company for the future.”

Related

CRUISERS

Industry Mourns Cruisers Yachts Owner

K.C. Stock, who was 84, was known for his “commitment to the employees at Cruisers Yachts.”

GRANDBANKS

Grand Banks Purchases Florida Property

The parcel, which is opposite the company’s Stuart yard, has berths for up to nine boats and will increase service capabilities.

LIMESTONE-Q3

Limestone Boat Co. Posts Q3 Results

Unit production was down compared with the second quarter, and revenues decreased 33%.

SIREN-YAMAHA

Yamaha Dealers Now Carry Siren Systems

Siren Marine’s “Connected Boat” technology can be purchased and installed at more than 2,100 Yamaha outboard dealers.

Northpoint

Northpoint Expands Marine Presence

Northpoint Commercial Finance has partnered with Elite Recreational Finance to offer retail financing.

BRP

BRP Reports 71% Increase in Q3 Revenues

The Sea-Doo manufacturer had total revenue of $2.7 billion, but North American marine retail sales were down 47%.

Airmar

Airmar Announces Training Dates

Certified Installer and SmartBoat system classes are being held this month in New Jersey and next year in New Hampshire.

Norm

The Survey Says …

Surveying customers to find out what they think about your business has never been more important.

1_MDI

Marine Development Inc. Changes Hands

Mick Webber, the former president/CEO and owner of HydroHoist, has purchased the company from its founders.