THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, September 19, 1996 TAG: 9609190388
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: STAFF REPORT
LENGTH: 26 lines
Landmark Communications Inc., Norfolk-based parent of The Weather Channel, has acquired a significant interest in Pelmorex Inc., a Canadian company that operates The Weather Network, the companies announced Wednesday.
The two companies plan to join forces to develop weather programming services internationally.
Landmark Communications bought a 50 percent equity stake in Pelmorex and a 29.9 percent voting interest, the companies said. Landmark is the parent company of The Virginian-Pilot.
Pelmorex's programming is distributed to 95 percent of the Canadian cable market, about 8 million subscribers. The Weather Channel, based in Atlanta, is the largest 24-hour weather programming service in the world. In addition to the United States, The Weather Channel operates weather programming services in Europe, and starting Oct. 1 will be launching a Latin American service.
United Video Satellite Group had announced its intention to make an investment in Pelmorex. Pelmorex then received an unsolicited offer from Landmark. United Video stopped pursuing Pelmorex, which then came to terms with Landmark, the companies said. by CNB