Saturday, 28 May 2016
Last updated 2 hours ago
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.