Chapter 3Landmark Communications Rollups and Rollouts

“There will be plenty more deals to do even when the money runs out,” said Frank Batten, suddenly casting his gaze out the office window on a warm spring day in 1973.

“But if we don’t meet their demands, we’ll lose it,” said Diederich. “They’re great cable properties.”

“So they are, but the sellers want too much. We’ll have to pass,” said Batten blithely but with finality.1

Landmark Communications’ Frank Batten well understood that when prospectors began panning for acquisition treasures, they would quickly scoop up scores of opportunities. Some would be valueless fool’s gold, most would command investment stakes well in excess of their probable returns, but a very few would represent attractive ...

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