A fresh report out of Reuters is saying that Time Warner Inc. (NYSE: TWX) has withdrawn from the bidding process to acquire The Weather Channel due to price. The deadlines on this were supposed to be noon today.
Recent reports put Landmark Communications, the owner of the Weather Channel, was in direct talks with Time Warner and a rival group made up of General Electric Co. (NYSE: GE) NBC Universal, The Blackstone Group, L.P. (NYSE: BX) and Bain Capital.
Because this is a private transaction and because this is such a large deal for the ultimate buyer(s) and sellers, this one has been a hard one to follow with any credible or dead set numbers and terms.
This is an ongoing and developing story with an outcome that is not yet known. Stay tuned.
Time Warner walking away from Weather Channel bidding?
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