Industries

Landmark enters exclusive negotiations for Weather Channel

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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.


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