A group led by NBC Universal appears to be moving forward with plans to acquire The Weather Channel, after Time Warner Inc. withdrew its bid for the channel, according to media reports released on Friday.

Time Warner Chief Financial Officer John Martin told investors last week the company would be interested in pursuing a deal but would be extremely price disciplined and price sensitive, Reuters said on its website.

In conversations with Wall Street analysts, Martin emphasized the need for price discipline in the bidding. Time Warner was said to be especially interested in Weather.com and the channel's production facilities near Atlanta.

NBC Universal and two private equity firms, the Blackstone Group and Bain Capital, had submitted a bid of about $3.5 billion including debt. The deadline for a new bid passed at noon ET on Friday.

Investment Time Warner