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Norfolk Owner of Weather Channel Considers Sale
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While newspapers are still making money, the days of 20 to 30 percent profit margins are probably gone, Morton said. "So if you look forward and have all your family's jewels in pretty much one area, it could cause some concern about their worth in the future."
Founded by Samuel L. Slover, a young newspaperman with a knack for turning around foundering properties, Landmark grew into a series of publications that cover communities in Norfolk, Virginia Beach, Portsmouth, Chesapeake and Suffolk. Slover also acquired Virginia's first radio station and launched the state's second television station.
"It's always a sad day when you consider that" the sale of Landmark would mark the end of a 50-year era for a company that began as a newspaper but whose influence has grown far beyond, Barry said.
Landmark's flagship property, the Pilot newspaper, has staved off dramatic readership declines by changing its design and launching local Web operations and community journalism projects. From 2000 to 2006, daily paid circulation dropped just 6.5 percent.
Eventually, Slover handed the company over to his nephew, Frank Batten Sr., who increased Landmark's holdings and landed on Forbes's annual list of wealthiest Americans. His son, Frank Batten Jr., took over the company in 1998.
In 2005, Batten Jr. began spinning off some of the company's businesses, including an auto advertisement publication, to reduce its dependence on print classified ads. It renamed its remaining advertising and business-service publications Dominion Enterprises and began building its Web presence.
Landmark has hired J.P. Morgan Chase as an adviser on the Weather Channel and Lehman Brothers as an adviser on the rest of the company.
Staff researchers Richard Drezen and Bob Lyford contributed to this report.
