MAJOR PAPERS:

• The Financial Times reported that Bain Capital, The Blackstone Group LP (NYSE: BX) and General Electric Company's (NYSE: GE) NBC universal will acquire The Weather Channel properties from Landmark Communications for approximately $3.2B in a leveraged buy-out. The Weather Channel will be run separately.
• A top Goldman Sachs Group Inc (NYSE: GS) trader is defecting to GLG Partners Inc (NYSE: GLG), the UK's second-largest hedge fund. Goldman's Driss Ben-Brahim, a partner in the firm and the head of its emerging market trading business, will take over GLG's $1.2B emerging markets special situations fund, the Financial Times reported.

OTHER PAPERS:

• Take-Two Interactive Software Inc (NASDAQ: TTWO), which makes video games, will probably sign video game creator Ken Levine to a new contract. The deal would bolster Take Two's argument that its value exceeds the $25.74 per share that Electronic Arts Inc (NASDAQ: ERTS) has offered as a takeover price for the company, The New York Post believes.

WEB SITES:

• Reuters reported that Deutsche Bank AG (NYSE: DB) is the only bidder remaining for Citigroup Incorporated's (NYSE: C) German retail operations. Sources said Commerzbank AG (OTC: CRZBY) dropped out of the running on Friday.

A fresh report out of Reuters is saying that Time Warner Inc. (NYSE: TWX) has withdrawn from the bidding process to acquire The Weather Channel due to price.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.

Whomever buys The Weather Channel will probably see nothing but blue skies.ss

According to The New York Times' DealBook, The Walt Disney Company (NYSE: DIS), CBS Corp. (NYSE: CBS), General Electric Company (NYSE: GE)'s NBC, Time Warner Inc. (NYSE: TWX), Comcast Corp. (NASDAQ: CMCSA) and Liberty Media Inc. (NASDAQ: LINTA) are all vying to buy the Weather Channel from closely held Landmark Communication.

"Also, a handful of private equity firms, including Bain Capital, Providence Equity Partners and Madison Dearborn have reportedly indicated an interest, though they are unlikely to be serious bidders because of the tight credit markets," according to the paper.

Landmark reportedly is expecting to get $5 billion for the property though bidders tell the Times that $4 billion is a more realistic figure. I would venture that the company will get the higher figure because properties like this don't often come on the market.

Not only is the cable channel one of the most lucrative, its Web site is wildly popular as well. Unlike CNN, people don't just tune in when there is big news. Energy traders hang onto the channel's every word when they make bets on the hugely volatile commodities for oil, natural gas and electricity. People also rely on the company's forecasts to plan their lives. Moreover, The Weather Channel is in a good position to benefit from the public's growing interest in global warming.

The Weather Channel, held by family-owned Landmark Communications of Virginia, is being auctioned off along with the rest of Landmark, and could fetch $5 billion. A number of public companies may have an interest. According to The New York Times, firms looking at the property include Comcast (NASDAQ: CMCSA) and General Electric (NYSE: GE).

The Weather Channel is attractive for two reasons. The first is that there are very few large, independent cable networks. Most, including CNN, CNBC, ESPN, and MTV, are already owned by media giants. The chance to pick up another large advertising-supported 24-hour product should be very attractive.

The second tremendous selling point is that weather.com, the online arm of the company, is one of the most-visited sites in the U.S. In November, comScore ranked it as the 16th most-visited website, with 34.1 million unique visitors. That puts it ahead of ESPN.com, CBS.com, and the Viacom (NYSE: VIA) digital properties.

The Weather Channel is a rare prize. The bidding should be spirited.

Douglas A. McIntyre is an editor at 247wallst.com.