• by David Goetzl  @dgoetzl, January 4, 2008

Weather Channel parent Landmark Communications confirmed a New York Times report Thursday that it is exploring a break-up of the company.

Privately held Landmark said it has hired J.P. Morgan and Lehman Brothers to help explore the transactions. The Times reported that Morgan will oversee the Weather Channel and its related business, including the thriving weather.com. Lehman will advise on other assets, which include CBS affiliates in growing markets Nashville and Las Vegas and daily newspapers in Norfolk, Va. and Greensboro, N.C.

Unlike some potential sales of independent cable networks that generate limited interest, the Weather Channel is expected to attract large bidders. The Times said the price tag could be $5 billion--since the channel has potential synergies with most of the major media conglomerates. Those include Time Warner, with its CNN operations, to NBC Universal with its news properties to Comcast.

Independent cable networks such as the Weather Channel are becoming an anomaly at a time when a few major media companies control most of the large channels in multi-network portfolios.

Landmark CEO Frank Batten, Jr. said: "At this early stage, we cannot speculate on where this process will lead. We will consider various options, and at the end, we will advise employees and customers of our conclusions."

"Landmark's weather, publishing, broadcasting, interactive and information businesses all have leading positions in their markets and have strong growth opportunities," Batten said. "As we go through this process, we will continue to invest in these operations."

Landmark is based in Norfolk, Va., although the Weather Channel operates out of Atlanta.

The Weather Channel, which thrived for many years by providing nuts-and-bolts forecasts that are customized locally and on-the-scene reports, has recently moved aggressively into long-form original programming.