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.”