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Landmark confirms may sell Weather Channel, assets

NEW YORK
Thu Jan 3, 2008 11:26am EST
An undated screengrab courtesy of The Weather Channel. The U.S. cable channel is to be put up for sale and could fetch more than $5 billion, The New York Times said in an online report on Thursday, quoting people briefed on the auction. REUTERS/Handout

NEW YORK (Reuters) - Landmark Communications Inc., which owns The Weather Channel, said on Thursday it hired two investment banks and would explore strategic options, including a possible sale.

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The privately held company said in a statement that it had retained J.P. Morgan and Lehman Brothers to assist in the process.

"At this early stage, we cannot speculate on where this process will lead," Landmark Chief Executive Frank Batten Jr. said in a statement, confirming earlier media reports of a possible sale.

In addition to The Weather Channel, Landmark's holdings include newspapers The Virginian-Pilot in Norfolk, The News & Record of Greensboro, N.C., and The Roanoke Times in Virginia.

(Reporting by Paul Thomasch; Editing by Derek Caney)
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