Categories: BusinessFront Page

Comcast to acquire full ownership of NBCUniversal for $16.7 billion

US cable provider Comcast is to acquire the full ownership of TV and film company NBCUniversal for $16.7 billion.

Comcast will buy the 49% stake in the joint venture that it doesn’t own from US industrial conglomerate General Electric (GE).

It will also buy the well-known 30 Rockefeller Plaza building in New York and another property for $1.4 billion.

Comcast took a majority stake in NBCUniversal in 2009.

NBCUniversal owns the Universal Studios theme parks, TV networks like MSNBC and E! and film studios like Universal Pictures, which made movies like Jaws, ET and Jurassic Park.

GE was planning to shed its stake in the business and the deal accelerates the takeover.

US cable provider Comcast is to acquire the full ownership of TV and film company NBCUniversal for $16.7 billion

“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,” said Brian Roberts, chairman and chief executive of Comcast.

The deal will be funded by $11.4 billion of cash on hand, with the rest funded by debt and stock.

In terms of properties, Comcast is buying NBC’s headquarters in New York and CNBC’s headquarters in New Jersey.

The takeover must still be approved by regulators and is expected to be finalized by the end of the first quarter.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Donald Trump and Elon Musk Celebrate Election Victory at UFC 309

Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…

5 days ago

White House 2024: Donald Trump Wins, Kamala Harris Calls Him to Concede Election

Millions of voters across the US chose to return Donald Trump to the White House…

2 weeks ago

Who Won? Donald Trump Declares Victory as He Addresses Jubilant Supporters in Florida

Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…

2 weeks ago

Stocks Soaring as Donald Trump Closes in on US Victory

Stocks around the world are rising as Donald Trump appears to be on the cusp…

2 weeks ago

Who Won? Kamala Harris Cancels Election Night Party as Path to Victory Narrows

Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…

2 weeks ago

Quincy Jones Dead at 91

Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…

2 weeks ago