New York - Landmark Communications announced that it has agreed to sell The Weather Channel to a group made up of NBC Universal (NYSE: GE) and the private equity firms of The Blackstone Group and Bain Capital. Terms of the deal were not disclosed, but sources familiar with the deal said the price was "just under $3.5 billion," according to a report by Reuters.

New York - Time Warner (NYSE: TWX) has withdrawn from its attempt to acquire the Weather Channel, according to a report by Reuters on Friday, which cited sources close to the negotiations.

New York - Several bidders appear to be in contention to buy the Weather Channel cable network form owner Landmark Communications, including Time Warner (NYSE: TWX) and a partnership between private equity firm Blackstone Group and NBC Universal (NYSE: GE), Reuters reported on Friday.

New York - In one of Wall Street's most anticipated initial public offerings in months, New York-based private equity giant Blackstone Group raised more than $4.13 billion in its IPO late Thursday, pricing more than 133 million shares at $31 each, the top end of their expected range.