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Posts Tagged ‘Jeffrey Immelt’

It’s Official: Comcast Acquires NBCU Stake

Well the big media deal that has been much talked about all fall has finally been officially announced.

This morning, Comcast and General Electric announced that they are entering a joint venture that will include NBC Universal — valued at $30 billion — as well as Comcast’s cable nets, including E!, Versus and the Golf Channel, and its regional sports networks, among other Comcast assets — with a value of $7.25 billion. Comcast will now own 51 percent of the new venture, after paying $6.5 billion to GE in cash.

Now, the deal heads to the regulators for approval, and all media watchers are looking forward to see how the government handles the first big media deal under the Obama administration. The New York Times has gotten its hands on a memo sent today from NBCU CEO Jeff Zucker to his staff. Zucker has been put in charge of the new venture, and he will be reporting to Comcast’s COO. Said Zucker:

“We expect regulatory approvals to take 9 to 12 months. So, for now, it remains business as usual. And in fact, I expect this will be the case for the vast majority of you even after the deal closes. NBC Universal will continue to be, first and foremost, a world-class content company.”

After the jump, GE CEO Jeffrey Immelt and Comcast CEO Brian Roberts in their first post-deal interview on CNBC this morning, in which they talk about their reasons behind seeking the deal, the future of their joint venture and what they think about the upcoming regulator approval process.

Read more

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GE, Vivendi Reach Deal On NBCU, Paving Way For Comcast To Buy Net

Several news outlets reported last night that General Electric had reached an agreement with Vivendi to buy the remaining stake in NBC Universal that it did not yet own. This long-expected agreement now paves the way for Comcast to step in and pick up a controlling interested in NBCU from GE.

Our sister blog TVNewser has a run down of some of the coverage on the deal. Among the highlights:

- GE will reportedly buy Vivendi’s 20 percent stake in NBCU for about $5.8 billion.

- An agreement was reached after its GE CEO Jeffrey Immelt went to Paris for face-to-face negotiations with Vivendi’s CEO Jean-Bernard Levy last week.

- The 51 percent stake in NBCU that Comcast has been eying is valued at about $30 billion

- If the GE-Comcast deal doesn’t close by the end of next year, GE has agreed to pay Vivendi an additional $2 billion.

Read more: General Electric, Vivendi Agree On NBCU Stake, Paving Way for Comcast Deal –TVNewser

Previously: Zucker To Lead Comcast-NBCU Venture

Comcast Purchase Of NBCU Stake A Done Deal?

nbcu.jpgThe Wrap‘s Sharon Waxman, who first reported that a deal between cable provider Comcast and GE-owned NBC Universal “had already been completed,” said yesterday that an agreement is “done in principle.”

Reports Waxman:

“What I am hearing from inside and around the deal is that indeed the Comcast deal to buy 51 percent of NBC-Universal is done in principle, but it will be several more weeks before anything official is announced.

‘They’ve all agreed to agree,’ is how one executive with knowledge of the deal put it.”

After Waxman’s first story broke earlier this month, NBCU CEO Jeff Zucker sent an email to staffers that didn’t dispute the possibility of a deal — although it didn’t address any specifics. “It is an exciting time, and these are exciting possibilities,” he said. Read into that what you will.

Now, there a few reports that News Corp. and Liberty Media are also looking into picking up a piece of NBCU. Waxman shoots those rumors down, “Nobody I know believes the latest round of sniffing around the edges of NBC-Universal by NewsCorp or Liberty Media.”

If Waxman is right, we might be hearing an announcement about a completed deal soon. We’ll keep you posted.

Comcast & NBC-U: ‘They’ve All Agreed to Agree’ –The Wrap

Earlier: Will Comcast Buy NBC Universal From GE?