NASHVILLE, Tenn. (AP) -- Landmark Media Enterprises LLC has terminated an agreement to sell WTVF-TV of Nashville to Bonten Media Group Inc.
The companies said in a news release Wednesday that Bonten was unable to close on the acquisition on time because of the failure of Lehman Brothers, which had arranged financing for the deal.
Terms of the proposed deal, announced in July, weren't disclosed.
Bonten, based in New York, said it will continue to pursue acquisitions as credit conditions improve.
Landmark, based in Norfolk, Va., said it looks forward to continuing to operate and invest in WTVF, a CBS affiliate.
(Copyright 2008 by The Associated Press. All Rights Reserved.)