I think it is E.
We need to compare Baseball with Weather, in two ways: Presence and Discussed.
A) is out because there is only one comparison (Present)
B) the same reason. Here there is another clause that gives more information: "it was also....."
C) is wrong because of the "and".
D) distort the meaning.
E) Correct answer.
Baseball, the only major professional sport during the Great Depression, was as present as the weather, and as much discussed.
(A) as present as the weather, and as much discussed
(B) present like the weather was, and it was also discussed as much
(C) as present amd was discussed as the weather was
(D) so present as to be discussed like weather
(E) present and discussed as often as the weather was