THE VIRGINIAN-PILOT Copyright (c) 1996, Landmark Communications, Inc. DATE: Tuesday, September 17, 1996 TAG: 9609170274 SECTION: BUSINESS PAGE: D2 EDITION: FINAL SOURCE: BY DAVE MAYFIELD, STAFF WRITER LENGTH: 31 lines
Landmark Communications Inc., the Norfolk-based parent of The Weather Channel, is reportedly seeking to acquire a stake in a Canadian weather enterprise.
United Video Satellite Group of Tulsa, Okla., said in a statement issued over the weekend that Landmark has made an unsolicited offer for Pelmorex Inc., owner of Canada's largest TV weather network. Because of Landmark's offer, United Video said it canceled a previously announced $20 million investment of its own in Pelmorex for a 29.9 percent voting interest in the Canadian company.
Executives of Pelmorex and Landmark couldn't be reached Monday for comment. Landmark owns The Virginian-Pilot.
United Video didn't say in its statement whether Mississauga, Ontario-based Pelmorex had accepted Landmark's offer. Nor did it provide any details of Landmark's reported bid.
A United Video official said Landmark would be restricted by Canadian law to no more than a 33 percent voting stake in Pelmorex - although it may be able to buy more equity on a non-voting basis.
Landmark and Pelmorex, both privately held, have been butting heads as they seek to expand their successful weather ventures into Europe. It is unclear how a deal between the two companies would affect that competition, which is most intense in the United Kingdom. by CNB