A group of investors including NBC Universal, Bain Capital, and The Blackstone Group announced today that an agreement has been signed to buy The Weather Channel from landmark Communications. The investors say that The Weather Channel will be operated as a separate entity.

The Weather Channel will be based in Atlanta and will have management provided by NBC Universal. The terms of the purchase were not disclosed. Considering that The Weather Channel Networks are the third most distributed cable network and is seen in 97% of cable TV homes, the price wasn’t cheap.

Commenting on the planned acquisition, Jeff Zucker, President and CEO, NBC Universal, said: "This will further position NBC Universal as the leading provider of news, information and weather, both online and on television. 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."

Via Weather Channel