Blackstone, Bain Back Weather Channel Bid

May 30 2008 | 2:00am ET

A pair of alternative investment giants is backing a bid to buy the Weather Channel.

The Blackstone Group and Bain Capital are part of a consortium led by NBC Universal to buy the well-known all-weather television station. Their $3.5 billion offer, which includes about $1.8 billion in equity, is seen as the leading bid for TWC, Reuters reports.

Blackstone’s GSO Capital hedge fund unit would provide about $600 million in debt to finance the bid.

Time Warner is also seeking the station, which was put up for sale by Landmark Communications. Landmark had initially expected to sell TWC for about $5 billion.

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