Lehman Bros. is assisting the company with the sale. The pair represents the only broadcast-TV holdings for Landmark.
“This is part of a strategic review of the entire company,” Landmark vice chairman Richard Barry said via e-mail. “That could lead to a sale of all or part of Landmark's assets, including The Weather Channel. The decision was reached on the TV stations first, and the other assets are still under study.”
According to the company Web site, “Both stations operate local cable news channels and aggressive local news Web sites; NewsChannel5.com and Las Vegas Now. NewsChannel 5 and Eyewitness News 8 are frequently honored for excellence in journalism on the local and national level … Both stations were the first in their markets to provide local newscasts in high-definition.”
On Jan. 3, Norfolk, Va.-based Landmark announced that it retained investment banks to look into “strategic alternatives” for the privately held company, including unloading The Weather Channel. The company also owns newspapers such as The Virginian-Pilot and The Roanoke Times.