NBC Universal, which is a part of GE (NYSE: GE), has apparently agreed to shell out $3.5 billion for the Weather Channel. The deal involves a partnership with two marquee private equity firms: Bain Capital LLC and Blackstone Group LP (NYSE: BX).

The transaction has weathered the credit crunch -- as well as survived a gestation period that has gone on for most of 2008. But, in the end, it looks like NBC got a nice deal (keep in mind that it looked like the Weather Channel tried to snag $5 billion or so).

The Weather Channel has extensive distribution (#3 in the US). What's more, there will be synergy with NBC's digital weather property, Weather Plus. Oh, and NBC has lots of experience integrating cable companies, such as Bravo and Sci Fi.

Although, perhaps the most important part of the deal is weather.com, which gets 36+ million unique visitors per month. This ranks it as the #15 site on the web. No doubt, NBC can leverage its advertising -- as well as other websites -- across this virtual real estate.

Finally, the Weather Channel transaction points to a possible new model for private equity; that is, partnering with strategic buyers. It's a good way to deploy capital but also get cost/revenue synergies.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

The Heidi Klum-hosted Project Runway has been one of the top shows on cable in recent years, providing General Electric (NYSE: GE)'s NBC Universal's Bravo network with a big hit. The show features up and coming designers competing for cash and an opportunity to launch their own line with a major fashion house.

Now the show's producer, Weinstein Co., wants to elope with Lifetime Networks. NBC has filed a lawsuit against Weinstein, alleging that the producer violated Bravo's right to buy future seasons of the show. For its part, Weinstein argues that it never granted Bravo a right of first refusal, which would have required it to get Bravo's permission before going a courtin' for a new network.

If Bravo lets this show slip away, it will be a huge mistake. Given Bravo's strong brand, you have to think that it can attract more viewers with the show than Liftetime -- meaning that it should be able to outbid Lifetime for the rights. It's not like ABC came along and offered the show a network primetime slot.

In the press release announcing the deal with Lifetime, Weinstein said that it wanted to "sincerely thank NBC Universal and Bravo for all their contribution and support." Apparently, this lawsuit is Bravo's way of saying you're welcome.