Vivendi to Sell NBC Stake to GE for $5.8 Billion

Sale is contingent on General Electric completing the merger of its media operations with Comcast

Media conglomerate Vivendi said on Dec. 3 that it intends to sell its entire 20% stake in NBC Universal to General Electric for $5.8 billion dollars.

A statement from the French firm said the sale was contingent on General Electric completing the merger of its media operations with Comcast, a deal the American firms announced simultaneously in New York.

"If the GE-Comcast transaction is not completed by September 2010, Vivendi will sell 7.66% of NBC Universal to GE for two billion dollars. The remainder of the stake, or 12.34%, will be sold for $3.8 billion to GE upon completion of the GE-Comcast transaction," it said.

Comcast said that it was to create a joint venture with GE to take a controlling stake in NBC Universal, which is valued at $30 billion and is the world's fourth-largest media and entertainment company.

Copyright Agence France-Presse, 2009

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish