Bain, Blackstone To Buy The Weather Channel

Jul 7 2008 | 11:13am ET

A pair of private equity giants and NBC Universal has struck a deal to buy The Weather Channel.

The price was just under $3.5 billion, Reuters reports. The group has been in exclusive talks with TWC owner Landmark Communications since last month, when a competing bid from Time Warner went by the wayside.

The three buyers will split the $1.8 billion in equity roughly equally, while Blackstone’s GSO Capital hedge fund provides about $600 million in debt. TWC will continue to operate as an independent entity, managed by NBC.

“This is a premier media asset with a unique position across all three screens—television, PC and mobile—and exciting growth prospects in each of them,” Michael Chae of Blackstone said.

The deal is expected to close by the end of the year.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of