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The forecast is bright and sunny for Landmark Communications Inc. as announced an agreement to sell the Weather Channel for $3.5 billion to NBC Universal and private equity firms The Blackstone Group LP and Bain Capital LLC. Announced on Sunday, terms of the deal were not released but published reports have an undisclosed source revealing the purchase price.
NBC and its private equity partners reportedly offered $3.5 billion for the unit in early-June. The size of the ownership stakes between NBC, Blackstone and Bain were
not disclosed, but NBC will provide management to run the Weather
Channel. The NBC Universal-led consortium was the last party standing
after Time Warner Inc. withdrew from the auction in mid-June. Time
Warner dropped out because of concerns on price, but
Landmark was unable to get the close to the $5 billion some observers
thought it might command at the start of the process. The seven-month old auction
is only the start for privately held Landmark, which has said it was
exploring the sale of all its businesses, including interests in cable
programming, newspapers, broadcasting, specialty classified advertising
products, interactive marketing and broadband and data services. -
George White
See press release See AP story See Dealscape post on early bids See The Deal.com story on the auction See Auction Block page on the Weather Channel Categories Deal Video
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