Landmark enters exclusive negotiations for Weather Channel
- June 16, 2008
Landmark Communications has entered into exclusive negotiations with NBC Universal and two private partners to sell the Weather Channel, according to Bloomberg.
NBC Universal, a division of General Electric Co., and Blackstone Group LP and Bain Capital LLC, are negotiating the sale of Norfolk-based Landmark’s Weather Channel and companion Web site, weather.com.
Time Warner Inc. dropped its bid last week, an unnamed source told Bloomberg. The NBC group reportedly has offered $3.5 billion.
Landmark Communications announced in January that it was exploring options, including the sale of its properties. The company publishes The Virginian-Pilot, the Roanoke Times and the News & Record in Greensboro, N.C., and other community newspapers and television stations. The company plans to sell its other media properties separately.