Tech, Media & Telecom: Comcast Buys Rest of NBCUniversal
The $16.7 billion deal gives Comcast the rest of GEs stake in the company
Comcast Corp. (Nasdaq: CMCSA) will buy General Electric Co.’s (NYSE: GE) 49 percent stake in NBCUniversal for $16.7 billion.
The deal includes $1.4 billion for 30 Rockefeller Plaza and CNBC’s headquarters in Englewood Cliffs, N.J.
The transaction consists of $11.4 billion in cash on hand, $4 billion in subsidiary senior unsecured notes issued to GE, $2 billion in borrowings under bank credit facilities and $725 million of subsidiary preferred stock issued to GE. The deal was expected to happen in 2014.
Comcast acquired a 51 percent stake in NBC from GE in 2011.
Morgan Stanley was Comcast’s financial adviser, while Davis Polk & Wardwell LLP was legal counsel.
In January, Comcast agreed to buy $150 million in Arris Group Inc. stock.
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