NEW YORK (AP) -- An investor group led by NBC Universal moved closer to buying The Weather Channel Friday after Time Warner Inc. dropped out of the bidding.
NBC Universal, a unit of General Electric Co., said late Friday that it had entered exclusive negotiations to buy The Weather Channel from its owner, Landmark Communications Inc.
NBC is working on the bid together with the private equity investment firms The Blackstone Group and Bain Capital.
The bidding process for The Weather Channel had drawn earlier interest from other media companies including CBS Corp., but Time Warner and NBC were the only ones that made it to the final round.
The Weather Channel would have a clear fit with NBC since the company already operates a digital weather news and information service called NBC Weather Plus together with its local TV affiliates.
Landmark, a family held media company based in Norfolk, Va., is also considering selling its newspapers, including its flagship publication The Virginian-Pilot.