An investor group including a pair of alternative investment heavyweights is a step closer to owning the Weather Channel.

The group, which is led by NBC Universal and includes the Blackstone Group and Bain Capital, is the only remaining bidder for the iconic television network after Time Warner withdrew its offer. Time Warner’s exit came as it refused to increase its bid by the deadline Friday.

The Blackstone-Bain group has reportedly offered $3.5 billion for the Weather Channel, including about $600 million in debt to be provided by hedge fund GSO Capital, which Blackstone acquired in January.