Time Warner Withdraws Bid For Weather Channel

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Time Warner (TWX) has withdrawn its bid for the Weather Channel, Reuters reports. NBC U (GE), Blackstone Group and Bain Capital have bid $3.5 billion for the cable network and Web site.

Time Warner CFO John Martin told investors last week the company was interested in the cable channel," but would be "extremely price disciplined and price sensitive."

The deadline for for a new bid passed at noon ET on Friday.

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