WebProNews

NBC Universal along with private equity companies Bain Capital and Blackstone Group have reached a deal to acquire The Weather Channel from Landmark Communications.

Financial details of the purchase were not released but sources close to the matter said the price was $3.5 billion. Landmark Communications was originally seeking $5 billion for the business.

The acquisition includes The Weather Channel Networks cable network and The Weather Channel's Web site, Weather.com, which attracts close to 40 million unique visitors a month. The Weather Channel will still operate independently and will be managed by NBC Universal.

Landmark started The Weather Channel more than 25 years ago and developed it into a television, Internet and mobile business reaching 120 million people monthly.

The Weather Channel deal is expected to be completed by the end of the year.

"While we are extremely proud of how far we've come, I know that as part of the NBC Universal consortium, The Weather Channel and its employees will have increased opportunities for growth," Frank Batten Jr., Landmark's chief executive, said in a statement.