Financial meltdown leaves a crater in Nashville


Lehman Brothers disappeared, and that is the major reason that the $209M sale of CBS WTVF-TV Nashville TN has disappeared as well. It was to have moved from Landmark Television Inc. to Bonten Media Group. "We are disappointed we will not be able to complete the acquisition of this fine television station," said Bonten’s Randy Bongarten. "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.” He said his company will continue to pursue acquisitions when financing can be arranged.

RBR/TVBR observation: And once again, Wall Street rears its ugly head on Main Street. For station traders, there seems to be plenty of inventory. It’ll become an even better buyer’s market, if anybody turns up who can afford to buy anything.