Bids for Landmark Communications’s Weather Channel are due next week in an auction seeking to fetch up to $5 billion, according to several sources, in what is shaping up to be one of the most sought-after cable properties this year.

NBC Universal, Time Warner, CBS and Comcast have been identified as interested parties, although one source says it’s unlikely bidders would be willing to pay the list price.

Privately held Landmark put its publishing and TV assets up for sale in January as part of a plan to break up the company. Landmark owns newspapers including The Virginian-Pilot in hometown Norfolk, The News & Record of Greensboro, North Carolina, The Roanoke Times and nearly 50 community newspapers.

(Reuters)

Keep an eye on:

• Yahoo unveils cellphone bookmarking tool. (Reuters)
• Nokia launches online music store in Germany. (Reuters)
• Spot Runner buys online marketing service provider Weblistic. (paidContent)
• Warner Music Group’s Edgar Bronfman Jr: comeback king or Icarus? (New York Times)

(Picture: Reuters/Golden Gate Bridge, Jan. 2008)