Is Comcast Corp. (CMCSA) on the verge of getting regulatory approval to acquire a controlling stake in NBC Universal (NBCU)? A recent change at the helm of NBCU indicates this. Yesterday, Comcast and General Electric Co. (GE), the current owner of NBCU said in a joint statement that the existing COO of Comcast, Mr. Steve Burke will succeed the incumbent CEO of NBCU Mr. Jeff Zucker by 2010 end.
French media group Vivendi has accepted 5.8 billion dollars for its share of NBC Universal, paving the way for General Electric to sell a controlling stake in the company to Comcast, a source close to the matter said."GE and Vivendi reached a deal that values Vivendi's share in NBC at 5.8 billion dollars," said the source who requested anonymity.GE, which owns 80 percent of NBC Universal, has been negotiating with Vivendi for weeks over how much the French company will pocket for its 20 percent stake in the media and entertainment giant.
Investor's Business Daily - Blackstone is offering to sell its 50% stake in 2 Universal Studios theme parks back to NBC Universal. Universal said in an SEC filing that NBC Universal â now controlled by Comcast (NASDAQ:CMCSA - News) in a joint venture with General Electric â has until June 12 to decide on the offer. NBC Universal said it's studying the proposal. Blackstone Group owns SeaWorld in Orlando and manages $140 bil in real estate, hedge funds and various businesses. Comcast, Blackrock and GE fell about 3% each.
Although the French conglomerate, which owns 20% of the movie studio and TV company, has veto power on any change in control, it may decide to sell its stake and use the money to fund other ventures.
It may own a mere 20% of NBC Universal, but Vivendi is calling the shots when it comes to whether the fabled movie studio and television company will end up in the hands of cable company Comcast Corp.
French group Vivendi said on Wednesday that it had sold its remaining 12.34 percent stake in US media firm NBC Universal to General Electric for $3.8 billion (2.8 billion euros).The sale was made under a December 2009 deal between the two companies in which Vivendi agreed to sell all of its 20 percent stake in NBC Universal to General Electric once a merger between NBC Universal and Comcast is approved by US regulators.Vivendi said in September it had sold a 7.66 stake in NBC Universal to General Electric for 2.0 billion dollars.
French group Vivendi said on Monday it had sold about a third of its interest in US media firm NBC Universal to General Electric for 2.0 billion dollars.Vivendi, which held 20 percent of NBC Universal, has sold a stake of 7.66 percent to General Electric for payment in cash, a Vivendi spokeswoman told AFP.Vivendi would sell its remaining 12.34-percent stake to GE for 3.8 billion dollars once a merger between NBC Universal and Comcast is approved by US regulators.Vivendi previously held 20 percent in NBC Universal, with US conglomerate GE owning 80 percent.