Vid-Biz: NBC, Local Ads, Praan

NBC Buys The Weather Channel; the peacock, along with private equity firms Bain Capital and the Blackstone Group, have reportedly agreed to pony up just shy of $3.5 billion for the channel. (NYT)

Local Online Video Advertising to Grow; Kelsey Group says revenues will hit $1.5 billion by 2012. (eMarketer)

High School Musician Gets Big Exposure From Online Vid; 17-year-old Palbasha Siddique cracked the Amazon Top 100 MP3 downloads with her rendition of Praan, which was featured in a Where the Hell Is Matt video. (Silicon Alley Insider)

Muslim YouTube Launches; U.S. Islamic organization rolls out MuslimChannels.tv, which will combine UCG elements with Muslim-oriented TV programming from across the globe. (C21 Media)

Holiday Inn Back for More Smart Show; hotel chain has hooked up with blip.tv to release the second season of its business travel web series. (TVWeek)

BBC Proposes Download Function to its iPlayer; service would allow consumers to pre-order single episodes or full series before they air on TV, but shows wouldn’t be watchable until after broadcast. (Digital Spy)

YouTube Gets Entire Revision3 Catalog; full-length shows like Diggnation and Tekzilla now available on the video site. (emailed release) (Disclosure: Revision3 produces The GigaOM Show.)