Time Warner Plans Caution in Bidding For Weather Channel

Time Warner is interested in buying The Weather Channel as a companion for its CNN news network but will be "extremely price disciplined and price sensitive" in the auction for it, Chief Financial Officer John Martin told investors. Time Warner is up against General Electric Co.'s NBC Universal in the final stages of the auction for The Weather Channel, its Web business and related assets, according to people familiar with the situation. The two media companies recently emerged as leading contenders with bids in the region of $3.5 billion. The Weather Channel's owner, Landmark Communications Inc., has asked the bidders to submit another round of bids that are due Friday, according to people familiar with the situation. Landmark had hoped to raise closer to $5 billion when it put the channel and related assets on the block early this year.
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