OAKVILLE, ON – The holding company of Pelmorex founder and CEO Pierre Morrissette has bought the 49% stake in Pelmorex Media Inc. (PMI) that it didn’t already own from The Weather Channel LLC.
PMI, now wholly-owned by Pelmorex Management Inc., is a multi-platform weather information company focused on the consumer market in North America and Europe. Its popular brands include The Weather Network and French counterpart MétéoMédia as well as Spain’s eltiempo.es. Pelmorex also built and operates Canada's national alerting system which aggregates and distributes emergency alerts issued by authorized government agencies.
The Weather Channel (TWC), the TV arm of The Weather Company owned by Bain Capital, Blackstone Capital Partners and NBC Universal, recently announced the sale of its digital and commercial services divisions to IBM with a closing expected in early 2016. The PMI stake had been a passive and non-core investment for TWC whereas PMI's founder had been seeking to consolidate ownership for at least 10 years, reads Tuesday’s announcement.
"Our philosophy is simple, we put consumers first and strive to meet their needs better than anyone else, said Morrissette, in the announcement. "We believe in controlling our own destiny. We also have a large team of meteorologists who are on the cutting edge of science, using sophisticated weather data and computer models to produce market leading forecasts for the world."
