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Landmark hopes to complete divestment by end of year

By Gary Jacobson

July 7, 2008 at 7:31am

With the sale of The Weather Channel to NBC Universal and two private equity firms, Landmark Communications hopes to divest its remaining businesses by the end of the year, according to The Virginian-Pilot, which is one of those businesses.

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In a deal announced Sunday, The Weather Channel and its affiliates, will bring about $3.5 billion for Landmark. The weather operation “accounted for about one-quarter of Landmark’s 2007 revenues, which exceeded $2 billion,” The Pilot reported.

Landmark, based in Norfolk, is privately held and controlled by the Batten family. Frank Batten Jr. is chairman and CEO. The company announced its divestment plan early this year. At the time, it said that The Weather Channel might fetch $5 billion.

Started in 1982, The Weather Channel and affiliated businesses, including Weather.com, employ about 1,300, including 170 meteorologists, according to The Pilot.

The cable channel is available in nearly 100 million homes and the Web site attracts nearly 40 million unique visitors a month.

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