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.
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