When he died in 1973, former President Lyndon Johnson left behind an assortment of thriving Texas broadcast and real estate properties that in 1985 was valued at more than $100 million. But now the LBJ Co., owned almost entirely by the Johnson family, is being dismantled for far less, a victim of the state's economic bust. KLBJ AM-FM, the highly profitable Austin radio . station once valued at $27 million, is on the block for $13.5 million. Thirty cable-TV systems may bring $50 million.
The sell-off was hastened by the illness and retirement of CEO Donald Thomas, LBJ's lawyer, who ran...
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