UPDATE 2-NBC Universal, partners to buy Weather Channel

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PHILADELPHIA, July 6 (Reuters) - NBC Universal and buyout firms Bain Capital and Blackstone Group said on Sunday they agreed to buy The Weather Channel from Landmark Communications.

Terms of the deal were not disclosed, but sources familiar with the transaction said the price tag was just under $3.5 billion.

Privately held Landmark, which put the channel up for sale along with other businesses, originally had sought $5 billion for the asset, sources previously said.

The transaction includes the Weather Channel Networks cable network and the Weather Channel's website.

Under the deal, NBC Universal, which is part of General Electric Co (GE.N: Quote, Profile, Research), will add The Weather Channel to its other news and information assets, which include NBC News, MSNBC, CNBC, and their affiliated websites.

NBC Universal and the two private equity firms announced last month that they had entered into exclusive negotiations to purchase The Weather Channel properties. Time Warner Inc (TWX.N: Quote, Profile, Research) withdrew its bid in June, sources previously told Reuters.

The Weather Channel is the third most distributed cable network and is viewable in more than 97 percent of cable television homes in the United States. Its website, www.weather.com, has nearly 40 million unique visitors per month.

"When Landmark launched The Weather Channel more than 25 years ago, we could never have imagined that it would become the multi-platform leader which 120 million people use monthly," Landmark Chairman and Chief Executive Frank Batten Jr said.