The Weather Channel has reportedly hired a pair of investment bankers to search for a possible buyer of all or pieces of the company for as much as $3 billion.
Bloomberg reported Thursday that J.P. Morgan and PJT Partners, a boutique investment firm headed by former Morgan Stanley co-president Paul Taubman, were shopping the assets. According to Bloomberg, the digital assets – which include the Weather.com website, Weather Underground and Weather Services International and several B2B sites, are the most valuable piece of The Weather Channel, worth an estimated $3 billion.
Whether the cable network would be included in any sale is still a question. Comcast’s NBCUniversal and private equity giants The Blackstone Group and Bain Capital purchased the company in 2008 in a deal valued at $3.5 billion.