Vivendi Sells 7.7% Stake in NBC Universal for $2.2B
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Vivendi SA said Monday that it sold part of its stake in NBC Universal to General Electric (NYSE: GE) for $2 billion as a part of deal announced last December to sell the media conglomerate to Comcast Corp. (NYSE: CMCSA).
The European entertainment conglomerate sold a 7.7 percent stake in NBC Universal to joint-venture partner GE, which will also soon be selling a 31 percent stake in NBC Universal. GE will maintain a 49 percent stake in the media company when the deal closes..
Vivendi now owns a 12.3 percent stake in NBC Universal, which will be sold to Comcast at the close of the deal.
The deal with Comcast for BBC Universal is expected to close later this year, pending a review by the Federal Communications Commission.
In another announcement, NBC Universal is planning to sell notes in a private placement to institutional buyers, but estimates from the company did not disclose exactly how much will be sold. The announcement is a part of the $9.1 billion in financing that the company plans to raise as a part of the deal with Comcast.
Shares of Comcast are down 16 cents to $18.41 in midday market movement on Monday, while shares of General Electric are down 17 cents to $16.49.
The European entertainment conglomerate sold a 7.7 percent stake in NBC Universal to joint-venture partner GE, which will also soon be selling a 31 percent stake in NBC Universal. GE will maintain a 49 percent stake in the media company when the deal closes..
Vivendi now owns a 12.3 percent stake in NBC Universal, which will be sold to Comcast at the close of the deal.
The deal with Comcast for BBC Universal is expected to close later this year, pending a review by the Federal Communications Commission.
In another announcement, NBC Universal is planning to sell notes in a private placement to institutional buyers, but estimates from the company did not disclose exactly how much will be sold. The announcement is a part of the $9.1 billion in financing that the company plans to raise as a part of the deal with Comcast.
Shares of Comcast are down 16 cents to $18.41 in midday market movement on Monday, while shares of General Electric are down 17 cents to $16.49.
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