Weather Channel Sale Could Be Announced Soon
By Rafat Ali - Thu 03 Jul 2008 10:50 AM PST
The Weather Channel sale announcement could come in the next couple of days, as the consortium of NBC Universal (NYSE: GE), Blackstone Group LP and Bain Capital close the deal terms. Landmark’s initial hopes of $5 billion won’t come to fruit, but the deal price expected to be between $3 billion and $3.5 billion, and likely at the higher end of that range, reports Reuters, citing sources.
NBCU, Blackstone and Bain would divide $1.8 billion of equity roughly equally in their bid, which would be worth about $3.5 billion, including debt. Blackstone’s GSO Capital—a hedge fund firm specializing in leveraged debt—would provide about $600 million in debt.
The only other contender Time Warner (NYSE: TWX) withdrew its bid two weeks ago.
Posted in: Companies, NBC Universal, VC+M&A, Mergers & Acquisitions
