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As Expected, NBC Buys Weather Channel
Surprising no one since all of the other bidders had dropped out, NBC, with support from Blackstone and Bain, purchased the Weather Channel and Weather.com for just under $3.5 billion. Landmark Communications, a private equity group owned by the Batten family and owners of the Weather Channel as well as a number of daily and weekly newspapers including the Employment Guide, had expected to sell the cable channel for $5 billion when they placed it up for sale in January. It’s unfortunate that they had to sell in such a dismal capital markets environment, but still a very nice return for a company that was started in 1982.
And now the real fun starts – seeing what kinds of prices their daily and weekly newspapers will fetch. Of particular interest will be the Employment Guide. As I’ve written previously, my guess is that Landmark would be happy with anything even close to $30 million.