Landmark sells Weather Channel to NBC and other investors

Landmark Communications came a step closer to breaking up all its assets with the announcement today of a deal to sell the Weather Channel to NBC Universal and two private equity firms. The New York Times is reporting that the deal was valued at $3.5 billion,  30 percent less than the $5 billion that the privately held, Norfolk-based company wanted for the cable property.

Landmark reportedly wants to sell all its properties, which include Style Weekly in Richmond as well as The Virginian-Pilot of Norfolk and The News & Record of Greensboro, N.C.

Last year, Landmark patriarch Frank Batten Sr. gave $100 million to UVA to establish the Frank Batten School of Leadership and Public Policy, the first addition to UVA’s academic structure since the Darden School was established in 1954.

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