Landmark Communications to Sell Weather Channel to NBC

In January we wrote that Landmark Communications was looking to sell their assets. Landmark owns The Weather Channel and runs Dominion Enterprises which owns sites like ForRent.com, Homes.com, CorporateHousing.com and many other sites.

Landmark announced on Sunday that they will sell The Weather Channel Cos. to a consortium of NBC Universal and two private equity firms for an undisclosed amount. The Weather Channel Cos. is expected to do $550 Million in revenues this year. About 1/3rd of that is coming from WeatherChannel.com.

It is said that NBC and its partners, Bain Capital and The Blackstone Group, offered about $3.5 billion.

The weather channel Cos. accounted for about one-quarter of Landmark’s 2007 Revenues. If Landmark sells their remaining assets including Dominion Enterprises this year, it should yield another $10 - $14 Billion.