CBS, NBCU To Submit Bids For Weather Channel By Mid-May
This story was written by David Kaplan.
As expected, NBC Universal (NYSE: GE) and CBS Corp (NYSE: CBS). are going to submit their bids to acquire cable network Weather Channel and its Weather.com site by mid-May, Reuters reported, citing unidentified sources. This will be the second round of bidding for Weather Channel by parent Landmark Communications, which began planning the sale around the end of last year. The company has been seeking $5 billion for Weather Channel and other properties, though it seems increasingly unlikely that any of the prospective bidders will ultimately want to offer that much. JP Morgan and Lehman Brothers are advising Landmark. So far, some of the other companies that are said to be considering purchasing Weather Channel include Time Warner (NYSE: TWX) and Comcast.
By David Kaplan