Whomever buys The Weather Channel will probably see nothing but blue skies.ss

According to The New York Times' DealBook, The Walt Disney Company (NYSE: DIS), CBS Corp. (NYSE: CBS), General Electric Company (NYSE: GE)'s NBC, Time Warner Inc. (NYSE: TWX), Comcast Corp. (NASDAQ: CMCSA) and Liberty Media Inc. (NASDAQ: LINTA) are all vying to buy the Weather Channel from closely held Landmark Communication.

"Also, a handful of private equity firms, including Bain Capital, Providence Equity Partners and Madison Dearborn have reportedly indicated an interest, though they are unlikely to be serious bidders because of the tight credit markets," according to the paper.

Landmark reportedly is expecting to get $5 billion for the property though bidders tell the Times that $4 billion is a more realistic figure. I would venture that the company will get the higher figure because properties like this don't often come on the market.

Not only is the cable channel one of the most lucrative, its Web site is wildly popular as well. Unlike CNN, people don't just tune in when there is big news. Energy traders hang onto the channel's every word when they make bets on the hugely volatile commodities for oil, natural gas and electricity. People also rely on the company's forecasts to plan their lives. Moreover, The Weather Channel is in a good position to benefit from the public's growing interest in global warming.

Private equity firms have begun to walk away from transactions to take a public companies private. In tight credit markets and facing a slowing economy, deals that looked good in early 2007 don't look so hot now. In most cases the public company boards try to keep deals from breaking apart by lowering their asking price. Sometimes they take a break-up fee and allow the buyer out of its obligations.

Clear Channel Communications Inc. (NYSE: CCU) won't take any of those "let the fish of the hook" routes. It has a deal with Providence Equity to buy its TV stations for $1.2 billion. The transaction was announced ten months ago and has not closed yet.

According to The Wall Street Journal (subscription required), "Clear Channel is suing Providence for 'specific performance,' a legal term which typically addresses the ability of the seller to force the buyer to complete a deal agreement."

Market observers and the press say that many banks and buy-out firms are being advised by their attorneys to turn their backs on transactions instead of getting burned by deals that have begun to look too rich between signing a buy-out agreement and actually closing. Clear Channel is willing to gamble that it can win its case for closing a deal in court.

Douglas A. McIntyre is an editor at 247wallst.com.