If NBC Universal and partners acquire The Weather Channel, there are things that are for certain, and others that are not.
TWC will remain headquartered in Marietta, GA. They invested $60 Million to upgrade to HD (which will start Monday), so I don't see them moving.
NBC WeatherPlus will be no more. Whether TWC is added to NBC affilliate lineups is uncertain. There has been a lot of investment in the WeatherStar local forecast technology (each cable company pays up to $5,000 for a permanent lease on each WeatherStar/Intellistar computer). WeatherScan, TWC's digital all-local forecast network, would most likely change to a format allowing for video forecast insertions by local affiliate meterologists, and would be added to affilates digital lineups instead (currently, there is no motion video on Weatherscan, except for local commercial ad-insertion).
The quality of the programming would not change. TWC would (except for the Today show) provide forecasts for NBC News, CNBC, and MSNBC. Current TV parternship deals with CBS O&O's would be dissolved (the only other deal TWC ever had outside of this was WXIA Atlanta, which went away when WeatherPlus came to town).
Speaking of WXIA...they are moving to a new studio (the old WATL studio which Gannett inherited when they bought WATL). If a deal is done quickly, WXIA might could move the weather operation in with TWC rather than to the new studio, and would be the only station in the US with that benefit.
TWC could also do video forecasts for NBC affiliates without a news operation.
Of course...we don't know the buyer yet. The article was just speculation. The deal is valued at $3.5 billion, and everyone was putting a $5 billion dollar price tag on TWC. If Landmark is not in a rush to sell TWC, they might try to use time as a leverage to squeeze more out of potential bidders.
Now lets look at other potential buyers. If Time Warner acquires TWC, it would be put into the Turner Broadcasting umbrella (which is already headquartered in Atlanta - although TWC would stay in Marietta). Every aspect of the network would remain exactly the same. CNN would shut down it's weather department and use TWC instead. TWC would increase their international weather forecasting operations for CNN International, which would immediately increase the value of the TWC brand (as it would become an international brand).
CBS appears to be out according to reports because of their acquisition of CNET. But they could still be a bidder because a lot of TWC's value is in weather.com, and CBS is buying companies with a focus on the internet (and weather.com has become a go-to site). Again, TWC stays in Marietta (HD investment). The quality of programming become an issue with CBS (given their history of things in both TV and radio). TWC does weather for CBS news, and (scarily) may take over local forecasting operations at some (if not all) CBS O&O's as a cost cutting measure (and possiblity affilates like WGCL Atlanta may benefit greatly...read the Atlanta TV board to see why). While NBC could do the same thing, their track record on keeping things local has been good, even though KNTV and KNSD are mostly switched out-of-market.
If News Corporation gets it (unlikely)...TWC stays in Marietta. Quality goes downhill dramatically. "Forecast Earth" and any other program that does not promote a right-wing political agenda will be cancelled. TWC forecasters will have to pledge allegence to the Republican party. Fox News shuts down it's small weather operation in favor of TWC. WAGA Atlanta may move weather operations in with TWC.
And if Cox gets it (unlikely..but is my choice on who should get it)...TWC most definently stays in Marietta (Cox HQ is a few miles away). Quality goes uphill, as Cox will invest boatloads of money into the operation. WSB-TV and WSB Radio will not do any forecasts out of TWC offices, but Cox TV, Radio, and Newspapers will enjoy a great partnership with TWC.
And finally...Comcast. TWC stays in Marietta. Quality stays the same initally, but they should be wary of decreasing budgets.
My preference is for Cox (or Time Warner)...but NBC Universal and partners is the most likely at this point.