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Weather Channel bid could signal trend

The group that has emerged as the frontrunner in the bidding for cable television’s Weather Channel has assembled a financing package that shows how dramatically the buy-out world has changed since the onset of the global credit crisis. The consortium, which includes NBC Universal and buyout firms Bain Capital and Blackstone, is expected to bid $3bn-$4bn for the channel, being sold by privately-held Landmark Communications. The deal under consideration is unusual because the consortium is offering about $1.8bn in equity – or more than half the value of the expected deal. Also, GSO Capital – an asset manager specialising in leveraged debt that Blackstone bought last year – will provide $650m in mezzanine debt, suggesting Blackstone now has greater ability than its peers to finance its own deals.

This entry was posted by Gwen Robinson on Thursday, May 29th, 2008 at 5:38 and is filed under M&A, Capital markets, Private equity. Tagged with , , , , , . You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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  1. May 29   21:52 Posted by Afternoon Reading: 10 Minutes of History–The Bear Wrap Up Party [report]

    […] Portfolio.com chases down the rumor that Anna Marie Cox approached Gawker Media with an offer to buy her Wonkette blog….Even Greenwich, Conn., is feeling the pinch, though not quite to the extent of the rest of country, the LA Times reports.…Also, from the LA Times: For private equity, the “heady days seem long gone.” You don’t say.… Does Wall Street prefer Democrats? The answer seems to be yes, according to Dealscape.…From Vator.tv: What’s the next acquisition for CBS Interactive.…Here’s the letter from Terra Firma’s Guy Hands, regarding the economic environment for private-equity firms….How much has that world changed? Take a look at the financing package the frontrunner to buy the Weather Channel has assembled, reports the FT Alphaville. […]

  2. May 29   18:43 Posted by Deal Journal - WSJ.com : Afternoon Reading: 10 Minutes of History--The Bear Wrap Up Party [report]

    […] | Share on Facebook | Del.icio.us | Digg this| […]

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