Comcast to buy GE's 49 pct stake in NBCUniversal
NEW YORK (AP) — Comcast says it's buying General Electric's 49 percent stake in the NBCUniversal joint venture for $16.7 billion. It comes several years early, as Comcast takes advantage of low borrowing costs and what CEO Brian Roberts calls a "very attractive price."
Comcast Corp. had bought a majority stake in the television and movie company in 2011. It had planned to take a larger stake in it over seven years, paying for it from operating cash.
But Roberts told The Associated Press that the sale of its stake in pay TV network A&E and some wireless spectrum gave it plenty of cash on hand. He also says Comcast got a good deal given that the stock price of media conglomerates has been rising.
Comcast had bought a 51 percent stake in NBC Universal, home of the NBC television network, from General Electric Co. for $13.8 billion in cash and assets. It came after the government approved Comcast's takeover of NBCUniversal with conditions intended to prevent it from keeping NBC programming to itself at the detriment of other cable operators and video websites.
Comcast, which is based in Philadelphia, is the nation's largest cable TV operator.
Fergie, Sarah Jessica Parker, and Heidi Klum all get an F on this week's Fashion Offenders.Watch Video »
Diva Double Date
Beyonce and Alicia Keys double date with their famous hubbies on today's Celebs Gone Social.Watch Video »
Where Are They?
See what the cast of "American Beauty" is up to today.Watch Video »
J.Lo's Mini Me
Jennifer Lopez shares an adorable photo of her look-alike daughter, plus more celebritots on social media on today's Celebs Gone Social.Watch Video »
Prince Harry, Jessica Alba and more stars who threw out the first pitch at baseball games.Watch Video »
Sofia Vergara poses in a revealing neon bikini while her "Modern Family" castmates hit the beach in Australia on Celebs Gone Social.Watch Video »
Like us on Facebook?
UP NEXTOh, Henry!
From Crowd Ignite