Reports: Vivendi Agrees to Sell NBCU Stake to G.E.
$5.8B Sale Would Clear Path for $30B Comcast Deal For Programmer
by MCN Staff -- Multichannel News, 12/1/2009 6:26:36 AM
Several news organizations are reporting that Vivendi has agreed to sell its 20% stake in NBC Universal to General Electric, clearing a path for Comcast to acquire control of NBCU in a $30 billion deal.
The New York Times said there was a tentative plan to announce the transactions on Thursday. The Wall Street Journal added more details, such as that if G.E. doesn't close its separate deal with Comcast by the end of 2010, G.E. might have to buy $2 billion of Vivendi's stake in advance. The Journal also said Comcast's purchase price might come down if it is later credited with at least some of NBCU's cash flow.
Comcast is expected to contribute cable channels and about $5 billion in cash into a joint venture of which Comcast would own 51%. G.E.'s remaining 49% would be bought out by Comcast over seven years, using cash flow from the venture, the Journal reported
The Times
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