The group that has emerged as the frontrunner in the bidding for cable television’s Weather Channel has assembled a financing package that shows how dramatically the buy-out world has changed since the onset of the global credit crisis.

The consortium, which includes NBC Universal and private equity firms Bain Capital and Blackstone, is expected to bid between $3bn and $4bn for the channel, which was put on the block by its owner, privately held Landmark Communications, people familiar with the matter said.