The Weather Channel which was purchased by Comcast and private equity giants Blackstone and Bain in 2008 for $3.5 billion, has been sold.
The selling price? About $300 million.
Byron Allen’s Entertainment Studios says they have reached a deal to acquire The Weather Channel.
“The Weather Channel is one of the most trusted and extremely important cable networks, with information vitally important to the safety and protection of our lives,” said Allen, who is chairman-CEO of Entertainment Studios. “We welcome the Weather Channel, which has been seen in American households for nearly four decades, to our cable television networks division. The acquisition of the Weather Channel is strategic, as we begin our process of investing billions of dollars over the next five years to acquire some of the best media assets around the world.”
The Weather Channel's digital side was bought by IBM in 2015 for about $2 billion.
So, if my math is right, they paid $3.5 billion, sold the digital for $2 billion and the TV side for $300 million. That adds up to a loss of $1.2 billion dollars.
Yet somehow people keep their jobs.