Director's Cut Alert: GE, Vivendi In Tentative Deal For NBC
By Deborah Yao, AP Business Writer
PHILADELPHIA -- General Electric Co. has reached an agreement to buy the 20 percent stake in NBC Universal held by French media conglomerate Vivendi SA, The Associated Press has learned.
The agreement would pave the way for GE to sell control of the TV and movie company to Comcast Corp., the largest U.S. cable TV provider. That deal, which would make Philadelphia-based Comcast one of the nation's largest entertainment companies, is valued at about $30 billion.
An understanding between GE and Vivendi has been reached but has yet to be formalized, according to a person with knowledge of the talks who requested anonymity because the talks were private.
The Wall Street Journal reported that GE would pay $5.8 billion for the stake.
Source: The Associated Press