Official: Comcast to Acquire 51% Stake in NBC
It's a story that has been heavily reported all week and now it's official: Comcast and General Electric have announced that Comcast will acquire a stake in GE's NBC Universal.
Bloomberg today reports that in a deal valued at $37 billion, Comcast, the country's largest cable television company, will start a joint venture with NBC Universal, strengthening its push into programming.
Comcast will contribute cable channels worth over $7 billion and acquire a 51 percent stake in NBC, which means it will gain control of the USA, CNBC, MSNBC and Bravo cable channels, NBC’s broadcast networks and stations, a film studio as well as some amusement parks. On top of all that, Comcast also pay GE $6.5 billion in cash.
TechCrunch reports that the new venture will operate with three directors nominated by Comcast and two from GE. The business' head quarters will remain in New York.