By Lisa Kerner
Charlotte, N.C., July 7 - NBC Universal, Inc., in conjunction with Bain Capital and Blackstone Group, agreed to acquire the Weather Channel properties from Landmark Communications Inc. for a reported $3.5 billion.
Terms of the transaction were not disclosed in an NBC Universal statement released on Sunday.
The companies had been in exclusive negotiations since June 13.
According to NBC Universal, it will provide management services to the Weather Channel, which will operate as a separate entity in Atlanta.
NBC Universal expects to close the deal by the end of the year.
"Joining with the Weather Channel properties plays to our strengths in developing and programming cable networks, and in producing and distributing high-quality content across multiple platforms," NBC Universal president and chief executive officer Jeff Zuker said in the company news release.
Deutsche Bank Securities Inc., GE Commercial Finance, GSO Capital Partners and Sankaty Advisors, LLC will provide the debt financing for the transaction, NBC Universal noted.
Once the transaction is complete, NBC Universal's news and information assets will include NBC News, MSNBC, CNBC, the Weather Channel and their related websites.
The consortium was advised by Deutsche Bank Securities; Allen & Co.; Credit Suisse; Weil Gotshal & Manges; and Ropes & Gray.
Landmark was advised by JPMorgan; Willcox & Savage; Kilpatrick Stockton; Venable; and Skadden, Arps.
NBC Universal is a New York media and entertainment company.
Landmark is a privately held diversified media and business services company located in Norfolk, Va.
| Acquirer: | NBC Universal, Inc., Bain Capital, Blackstone Group
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| Target: | Landmark Communications Inc.'s Weather Channel properties
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| Announcement date: | July 6
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| Transaction total: | $3.5 billion
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| Expected closing: | End of 2008
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