They bought the Weather Company minus the TV channel side of the business. So I would assume The Weather Channel will remain an independent company just without the digital assets.
This reminds me a "joke" told to me by a friend who works at what used to be Softlayer (and has now been integrated into IBM) to explain why IBM bought Softlayer: "IBM wanted to have a good cloud business, so they bought one".
IBM Board meetings notes: "We should buy the Cloud" "What?" "You know, the Cloud" "Why?" "We want to be the biggest"
buys weather channel