CBS Corporation (CBS) and NBC U (GE) are planning to submit second-round bids for The Weather Channel, the cable TV/Web property owned by Landmark Communications. Landmark had been seeking $5 billion for the business, but Reuters reports CBS and NBC U are planning bids in the $3.5 to $4 billion range.
Second-round bids are due May 8, and Reuters says “less than five” strategic bidders are participating. The first round went down in March after Landmark hired JP Morgan and Lehman Brothers to shop the channel. At the time, Time Warner (TWX), Liberty Media (LBTYA), Disney (DIS) and Comcast (CMCSA) were also reported to be kicking the tires.
Asked earlier today of CBS is planning to acquire Weather Channel, CEO Les Moonves gave his standard “we look at everything” response, but added the company “has no plans to announce anything major.” CBS has plenty of cash on-hand and low debt, but Moonves said CBS doesn’t need to make an acquisition.
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