Comcast To Purchase General Electric’s Stake In NBCUniversal
It looks like once Tina Fey is gone, 30 Rock is up for sale! We’re only kidding, but after the break we have the sale details for you!
The nation’s leading cable TV company, Comcast, is buying the rest of NBCUniversal from General Electric several years ahead of schedule to take advantage of low interest rates and what its CEO calls a “very attractive price” of $16.7 billion.
In addition to that incredible purchase, Comcast has also agreed to pay GE another $1.4 billion for other assets that include one of New York City’s best-known landmarks, NBC’s headquarters at 30 Rockefeller Plaza. The longtime home for the NBC comedy series 30 Rock, the purchase of the building is ironic seeing that the show skewered the management of both GE and Comcast before airing its final episode two weeks ago.
Comcast Corp. thought that the move was good since GE got cash for its stake earlier than expected. With the NBCUniversal businesses in tow, Comcast avoids solely being in the uncomfortable position of passing those costs onto consumers.
Comcast’s business as a cable TV, Internet and phone provider generates nearly two-thirds of the company’s revenue. The NBCUniversal business makes up the rest and includes the NBC and Telemundo broadcast networks, pay TV channels such as USA, CNBC, Bravo and SyFy, the Universal Pictures movie studio and theme parks in Florida and California.