Media Industry
Industry: Email Alert RSS FeedWeather Channel on the Sales Block; Landmark Wants $5 Billion for Network, Web Site.(Deals)(Website overview)
TelevisionWeek, January, 2008
Byline: Andrew Hampp
Advertising Age
The Weather Channel is on the block.
Norfolk, Va.-based Landmark Communications last week said it intends to sell the Weather Channel and its Web site, Weather.com, for an estimated $5 billion. Also potentially for sale are Landmark's other media properties, including more than 50 newspapers such as the Virginian-Pilot and the News & Record in Greensboro, N.C.
Landmark Chairman-CEO Frank Batten Jr. said in a statement, "At this early stage, we cannot speculate on where this process will lead. We will consider various options and, at the end, we will advise employees and customers of our conclusions.''
Landmark will retain investment banks J.P. Morgan and Lehman Brothers to help the...
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