A well-known cable channel has “hired the banks Morgan Stanley and PJT Partners Inc. to explore a sale, according to people familiar with the matter,” reports BloombergBusiness.
The network is the Weather Channel, which, the article notes, “is distributed to more than 100 million U.S. households.”
The story explains that “Preliminary discussions have taken place with technology and media companies, said the people, who asked not to be named because the talks are private. Blackstone Group LP, Bain Capital LLC and Comcast Corp.’s NBCUniversal acquired the company for about $3.5 billion in 2008.
“The Weather Co., which began weighing a sale last year, is considering selling only its digital business, which has a much higher value than the cable network, two of the people said. Separating the businesses would be difficult and would present a hurdle to a sale, one of the people said.”
BloombergBusiness also notes that “The businesses are valued by the owners at more than $3 billion today, with most of that tied to the digital operations, one of the people said. It’s possible no deal occurs at this time, the person said.”
Neither the Weather Channel nor any of its owners had any comments about the possible sale, the article says.
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