Vivendi sells NBC U stake

7.66% holding goes for $2 billion

The details are beginning to fall into place for Comcast’s proposed joint venture with NBC Universal.

A day after Steve Burke was named CEO of the new NBCU, French conglomerate Vivendi SA announced on Monday it was selling a 7.6% stake in NBCU to parent General Electric for $2 billion.

Vivendi had said it would sell its position in NBCU as part of the agreement to merge it with Comcast. Vivendi said it plans to sell its remaining 12.3% stake in the entertainment unit when the deal is completed. GE and Comcast executives have said they hope to win regulatory approval and close the $13.75 billion deal this year.

NBC Universal was created in 2004 when NBC merged with Vivendi Universal Entertainment at a time when the French outfit was more keen on U.S. media properties.

Vivendi’s holdings include telecom and video game properties, and Universal Music Group, the world’s largest music company.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading