GE looking to sell 51 pc stake in NBC Universal: Report
Industrial conglomerate General Electric is considering the sale of its 51 per cent stake in NBC Universal to America's leading cable operator Comcast, says a media report.business Updated: Oct 02, 2009 14:12 IST
Industrial conglomerate General Electric is considering the sale of its 51 per cent stake in NBC Universal to America's leading cable operator Comcast, says a media report.
British daily The Times has reported that GE is weighing the sale of a 51 per cent stake in NBC Universal to Comcast.
"Comcast would pay up to USD 7 billion (4.4 billion pounds) in cash and contribute some programming assets worth up to USD 6 billion to the jointly owned company," the newspaper said quoting people familiar with the talks.
NBC Universal owns television networks including NBC, USA and Bravo, apart from local TV stations, theme parks and a movie studio.
The publication noted that GE, which owns 80 per cent of NBC Universal, has been considering its options in the event that Vivendi SA, its partner, chooses to sell its 20 per cent stake later this year.
"The French company has an option to sell its minority position from November 15 to December 10," it added.
According to the report, offloading a 51 per cent stake in its media arm to Comcast would give GE "a welcome cash injection".
"In particular GE Capital, the financial business, has been dealing with rising losses on bad loans," the daily said.
Comcast owns a few cable stations, including E! Entertainment Television, Golf Channel and regional sports networks.