Choppy Waters For Weather Channel: Time Warner Withdraws Bid: Report
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