• by David Goetzl  @dgoetzl, May 12, 2008

Well-regarded analyst Victor Miller is leaving Bear Stearns after 12 years of offering key analysis of the local TV and radio businesses.

Miller said his decision is unrelated to Bear Stearns' recent financial issues and coming merger with JP Morgan Chase, insisting: "It's just time to do something different." It is unclear when his last day will be.

He declined to reveal specifics of a new planned venture, although in a widely sent e-mail he wrote that he will pursue something "more closely aligned" with his Christian faith, which he called "my faith-walk."

Before Bear Stearns, he served as a banker at Chase Manhattan for nine years.

Miller was well-known for his insights into the local TV station business, which he provided in reports about companies such as Nexstar, Sinclair Broadcast Group and others. He was a fixture on conference calls with top executives at media companies, often asking challenging questions. At a recent one to Sinclair CEO David Smith, Miller asked why the company was diversifying into real estate--wondering how that would benefit investors, and who could otherwise invest in REITs themselves.

In his e-mail, Miller thanked "all of the management of the companies and industry leaders we have gotten to know over the years. Thanks for addressing the endless number of questions. Thanks for entertaining debate on the state of broadcasting. Thanks for allowing us to express our concerns."