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.