This story was written by Rafat Ali.
The auction for Weather Channel hasn't gone very smoothly, and now one of the major suitors left in the field, Time Warner (NYSE: TWX), withdrew its bid to buy it, reports Reuters, citing sources. The deadline for a new bid passed at noon EST today. Landmark Communications, the current owner of Weather, had hoped for $5 billion, but as the bid progressed with less interested buyers, the price was supposed to be around $3.5 billion. Does that mean NBC Universal (NYSE: GE), which has a bid in with Blackstone Group, now go through? More on the process on our Weather Channel auction page.
By Rafat Ali