Posts Tagged ‘us’
Comcast moves to buy NBC Universal
Comcast Corp., provider of cable TV, Internet or phone services to about one quarter of U.S. homes, said it plans to buy a majority stake in NBC Universal for $13.75 billion, which would give it majority control of a major movie studio, Universal theme parks, broadcast TV stations and NBC’s very profitable cable channels, including Telemundo, Syfy and The Weather Channel.
Right now, General Electric holds majority control of NBCU, but it’s looking for cash to shore up GE Capital, its financing business, which was devastated in last year’s banking crisis. Comcast convinced minority owner Vivendi to sell its 20 percent stake to GE for $5.8 billion — $2 billion payable in September 2010 if the deal hasn’t closed by then, and the remaining $3.8 billion at closing. That sale would form a new company. Comcast would buy a 51 percent stake of the new company by paying $6.5 billion in cash and contributing $7.25 billion worth of cable channels it owns, including E!, Style and Golf Channel.
GE would retain a 49 percent stake, with the option of unloading half its stake in 3 1/2 years and all of it in seven years. The new company or Comcast could buy out GE. The new NBC Universal would borrow $9.1 billion that would partially go toward covering the money GE owes Vivendi.
The deal, which could take up to a year to close, faces regulatory approval, and approval of shareholders, who so far haven’t been impressed. It could be seen as a test of the Obama administration’s opposition to media conglomeration.
Five years ago, Comcast failed a hostile takeover attempt of media giant Disney. The NBCU deal would make the cable operator equally powerful.
- International Jobs Report July 7, 2011
- Global Employees Need Emergency Exit Strategy March 17, 2011
- Dealer.com Launches Highly Anticipated ‘Social Relationship Manager’ February 7, 2011
- Buy-Anywhere Options, Not Devices, Will Be Key to Digital Publishing Success, According to ABI Research February 5, 2011
- Yahoo! Labs Launches AdLabs to Advance the Science of Digital Advertising February 3, 2011
- Zillow and Yahoo! Real Estate Launch Largest Real Estate Network on the Web February 3, 2011
- The New York Times Company Reports 2010 Fourth-Quarter and Full-Year Results February 3, 2011
- AutoNation Reports Record Fourth Quarter and Record Full Year Results February 3, 2011
- TK Carsites Offers Auto Dealers More Options with the Largest Automotive Advertising Network February 2, 2011
- 2010 Foreclosure Activity Down in Hardest Hit Markets But Increases in 72 Percent of Major Metros February 1, 2011
- AOL Buys Online Video Network Goviral For $96.7M February 1, 2011
- AutoTrader Classics Appoints Bryan A. Weston as Director of National Accounts January 28, 2011
- CareerCast.com/JobSerf Employment Index Reports Slight Uptick in U.S. Hiring January 27, 2011
- Media General Reports Fourth-Quarter 2010 Results, Provides Outlook January 27, 2011
- Newspaper Websites Reach Nearly Two-Thirds of All Internet Users in Fourth Quarter (comScore) January 26, 2011
- HomeGain Announces 2010 Top Performing AgentEvaluator Real Estate Agents January 25, 2011
- Cox Media Group Names Dave Siegler its New VP of Technical Operations January 24, 2011
- McClatchy Announces Contribution of Real Estate to Defined Benefit Pension Plan January 24, 2011
- MediaSpectrum Closes Out 2010 with Record Number of Customer Deployments January 21, 2011
- NADAguides Announces Current Car Buyers Market Report January 20, 2011
Craigslist 2010
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Automotive 2010
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