Tuesday, April 29, 2008

NBC, CBS seen bidding for Weather Channel

Go to Reuters original
NEW YORK (Reuters) - CBS Corp and GE's NBC Universal plan to bid for the Weather Channel in the second round, with bids expected to range between $3.5 billion and $4 billion, people familiar with the matter said on Tuesday.

Privately held Landmark Communications, which has put the channel up for sale along with other businesses, had originally sought $5 billion for the asset, sources have said. The sources asked not to be identified because the talks are confidential.

The bids for the channel, due May 8 from less than five strategic bidders, come after Landmark earlier this year hired JP Morgan and Lehman Brothers to study its options. The first round of bids was in March.

Landmark could not be immediately reached for comment. Both CBS and NBC declined comment.


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