IBM is in advanced discussions to acquire assets from Weather Co., whose digital division includes the Weather Channel and Weather Underground, people with knowledge of the matter said.

A deal may be announced as soon as Wednesday, said the people, who asked not to be identified because the information is private. The talks are ongoing and there’s no certainty an agreement will be reached, the people said.

Weather Co.’s owners -- Blackstone Group LP, Bain Capital LLC and Comcast Corp.’s NBCUniversal -- have been working with Morgan Stanley and PJT Partners Inc. to explore a sale, people with knowledge of the matter said in August. The three firms acquired the company for about $3.5 billion in 2008.

Representatives for International Business Machines Corp. and Blackstone declined to comment. Spokesmen for Bain and Comcast didn’t immediately respond to requests for comment. The Wall Street Journal previously reported that IBM is nearing a deal to acquire Weather Channel’s digital and data assets.

The company’s digital businesses include The Weather Channel’s website, Weather.com; Weather Underground; and Weather Services International. Two-thirds of U.S. consumers over 18 years old use a Weather Channel brand monthly, according to the company website.

IBM said Tuesday that the U.S. Securities and Exchange Commission is conducting an investigation related to the technology seller’s revenue recognition. Its shares fell to the lowest price in five years Tuesday, closing at $137.86 in New York.

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