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Norfolk-Based Landmark to Sell Weather Channel for $3.5 Billion
Landmark Communications, the Norfolk-based media company, said that it will sell The Weather Channel to NBC Universal and private equity firms Blackstone Group and Bain Capital. Though financial terms were not disclosed, sources familiar with the deal put the price at "just under $3.5 billion," according to Reuters. The news comes six months after Landmark announced plans to explore its strategic alternatives, including a possible sale of the company. The Weather Channel, which is seen in 97% of cable TV homes in the U.S., will be operated as a separate entity, based in Atlanta. The sale, expected to close by year's end, also includes weather.com, which draws nearly 40 million unique visitors a month, and weather forecasting business Weather Services International. "This is a premier media asset with a unique position across all three screens -- television, PC and mobile -- and exciting growth prospects in each of them," said Michael Chae, senior managing director at The Blackstone Group.
- Saved By: Kimberley McKee
- Tags: media , nbc , weather , acquisitions , norfolk , nbc universal , landmark , the weather channel , and weather channel
- Groups: Mergers & Acquisitions, weather, and Media and Content.
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