Comcast Corp clinched full control of NBC Universal for $16.7 billion on Tuesday, the latest in a series of deals that have taken the cable operator from humble roots in Tupelo, Mississippi, to Manhattan’s iconic Rockerfeller Center.
The nation’s largest cable operator unveiled plans on Tuesday to buy out General Electric Co’s remaining 49% stake in the NBC Universal joint venture.
That gives it full control of one of the industry’s largest and most profitable stable of cable networks, as well as the NBC broadcast network with its peacock logo.
Combining properties such as USA Network, Universal Studios and more than 22 million cable subscribers, the deal completes a 50-year transformation for Comcast, which was founded by CEO Brian Roberts’ father, Ralph, in 1963.
Comcast bought 51% of NBC Universal in 2011 after winning antitrust approval from the Justice Department.
Tuesday’s deal comes at least two years sooner than planned and creates a $39 billion business.