Agreement reached to sell The Weather Channel Companies
NORFOLK, VA -- July 6, 2008 -- Landmark Communications announced today that it has agreed to sell The Weather Channel Companies to a consortium made up of NBC Universal and the private equity firms The Blackstone Group and Bain Capital. The Weather Channel Companies includes The Weather Channel cable network, weather.com and other interactive businesses, as well as Weather Services International (WSI) and Enterprise Electronics Corporation (EEC). In addition, Landmark's interest in Pelmorex, a Canadian weather company is included.
Landmark Chairman and CEO Frank Batten, Jr. commented, "When Landmark launched The Weather Channel more than 25 years ago, we could never have imagined that it would become the multi-platform leader which 120 million people use monthly. Throughout its growth, the one constant has been the remarkable commitment and dedication of its employees to help protect people. While my family and are extremely proud of how far each of these companies has come, I also know that as part of the NBC Universal consortium, The Weather Channel and its employees will have increased opportunities for growth."
Landmark President and COO Decker Anstrom added, "We are deeply grateful to the extraordinary work of Debora Wilson, Mark Gildersleeve and the 1,300 people whose passion, expertise and creativity make a difference in people's lives everyday. They have built an iconic cable network and brand, a top 15 website, the #1 mobile content provider, the world's leading B2B weather business and the #1 weather radar provider, generating consistently outstanding financial results and wide recognition as a model employer and leader in diversity. We also deeply appreciate the terrific support that the cable industry has provided, both at our creation and throughout our development. We look forward to a smooth transition with NBC Universal, that has a great track record in building and growing high quality news and information businesses, and its partners."
The sale, which is expected to close later this year, is part of a process that Landmark announced in January to explore strategic alternatives, including the sale of Landmark's businesses.
Based in Norfolk, VA, Landmark is a privately-held diversified media and business services concern with interests in cable programming, newspapers, broadcasting, specialty classified advertising products, interactive marketing, and information, broadband and data services.
For further information contact:
Richard Barry Landmark Communications, Inc. 757-446-2003 email@example.com
About The Weather Channel Companies
The Weather Channel companies (TWCC) are made up of The Weather Channel® television network, The Weather Channel digital properties, and WSI. The Weather Channel is based in Atlanta and is seen in more than 100 million U.S. households. TWCC also operates Weatherscan®, a 24-hour all-local weather network; The Weather Channel Radio Network; and The Weather Channel HD. The most popular source of weather news and information, TWCC properties reach 60 million monthly Web consumers (weather.com and Desktop) and 32 million monthly mobile users (mobile Web and applications) and offers the second most popular mobile app on all smartphones. WSI, headquartered in Andover, MA, primarily provides business-to-business weather services, particularly for the media, aviation, marine and energy sectors. TWCC is owned by a consortium made up of NBC Universal and the private equity firms The Blackstone Group and Bain Capital. For more information, visit www.weather.com/press.