Time Warner Withdraws Weather Channel Bid

New York, NY (AHN) - Time Warner (TWX) withdrew its bid to buy Weather Channel due to pricing issues, Reuters reported, citing a source familiar with the negotiations.

Time Warner was looking to link up Weather Channel with its CNN unit.

It is believed that new Time Warner CEO, Jeff Bewkes is looking to shake things up in order to show investors he has a strategy to add value to the company's stagnant stock price.

Time Warner stock has been pressured ever since the AOL merger.

The Time Warner withdrawal leaves General Electric's NBC Universal as the main bidder for Weather Channel.