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Conde Nast Closing 'Portfolio'
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Apr 11 2008 12:00am EDT
Cold Front Moves In on Weather Channel Sale
It looks like Landmark Communications can forget its dream of getting $5 billion-plus for the Weather Channel.
With second-round bids due in about a month, the hysteria surrounding the sale has died down considerably. Reuters says the sale price is likely to be below $4 billion and perhaps has low as $3 billion, citing two sources with knowledge of the action; I can add two more sources who say the same thing (assuming they're not the same two).
"It'll be at or just below four billion, and I think you can argue a value that's lower still," says one. Time Warner is among the companies moving ahead with a bid, says Reuters, and News Corp., NBC Universal, Viacom and Comcast may be as well.
