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.
In a statement, Roberts added that "our decision to acquire GE's ownership is driven by our sense of optimism for the future prospects of NBCUniversal and our desire to capture future value that we hope to create for our shareholders."
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.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Fork Report: ASU rides 'Big Three' to season-opening blowout of Weber State
- ASU takes care of business in Opening Night rout of Weber State: By The Numbers
- Former Arizona State RB Marion Grice shines for Chargers in preseason finale
- Sun Devil Supplement: Notes from ASU's opener vs. Weber State
- Stagnant or statement
- Jeff Van Raaphorst, Sun Devil Football Color Analyst - Friday August 29Doug and Wolf talk to Sun Devil football color analyst Jeff Van Raaphorst.
- Doug Haller, AZCentral Sports - Thursday August 28Doug Haller predicts the Sun Devil offense won't play much after halftime of tonight's game.
- Bickley Blast - Thursday August 28Which Valley football team will win more games this season, the Cardinals or the Sun Devils?
- Larry Scott - Pac-12 commissioner - Wednesday August 27Pac-12 commissioner Larry Scott believes the Pac-12 will continue to rise and get stronger.
- Ray Anderson - ASU athletic director - Wednesday August 27ASU Athletic Director Ray Anderson prepares for his first ASU football season.