Virginia-Pilot sale halted

In an article on its website, The Virginia-Pilot reports that for the foreseeable future, its parent company will no longer be actively seeking offers from potential buyers, although it will remain open to the idea if approached.
Landmark Media, which owns the paper, was also seeking to sell several other media properties before taking them off the table for the time being.
Landmark Vice Chairman Richard Barry III explained to the paper:

Most of the prospective buyers, stymied by the credit crunch, could not get financing, Barry said. But Landmark continued negotiations for The Pilot with a buyer who Barry said was "encouraged about obtaining financing."
On Tuesday, though, Landmark announced that it was suspending the sale process for the newspaper.

Landmark still hopes to sell the paper at some point, along with its other media properties. However, it may have to wait until the economy, or at least credit markets, improve.

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