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Weather Channel Deal Closes

Landmark Places Newspapers, TV Stations in New Unit

By Mike Farrell -- Multichannel News, 9/12/2008 9:02:00 AM

Landmark Communications said Friday that it has completed the sale of The Weather Channel properties to a group headed by NBC Universal.

In July, a group including NBCU, Bain Capital and The Blackstone Group emerged as the winner in the seven-month bidding process for the cable channel, its Web site and related assets.

Although terms were not disclosed, the price was said to be about $3.5 billion.

Landmark put The Weather Channel up for sale along with its newspapers and television stations in January. As part of Friday’s announcement, Landmark said it had created a new entity—called Landmark Media Enterprises—to house its television stations and newspapers.

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