CFO: Lincoln National Not Looking To Sell Stations
February 10, 2010 at 4:25 AM (PT)
LINCOLN NATIONAL CFO FRED CRAWFORD told the company's conference call TUESDAY that the company is not looking to sell off its LINCOLN FINANCIAL MEDIA operations right now, noting that the industry's valuations are at a low point.
CRAWFORD, noting that the company took a write-down on goodwill and intangibles for its radio and TV business and that the media "marketplace has gone through substantial turmoil," called the media "an upside down industry right now ... and that’s weighing down on valuations. And for us, it suggests being patient and continuing to monitor and manage the properties. These are good properties that perform well in their given markets. We like how they’re positioned, but we think it’s an awfully difficult time to be considering monetizing those investments, and instead we intend to continue to support them for the time being."