Comcast to Purchase Remainder of GE Stake in NBCUniversal

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Comcast to Purchase Remainder of GE Stake in NBCUniversal

General Electric announced Tuesday in a press release that it will sell its 49 percent stake in NBCUniversal to Comcast for $16.7 billion.

In addition, GE has sold certain NBC-operated properties to Comcast for $1.4 billion; properties that include portions of 30 Rockefeller Plaza in New York City and the New Jersey-based CNBC headquarters.

Comcast’s takeover of NBCUniversal began in 2009 with an initial acquisition of 51 percent of the company, knocking GE down from 80 percent ownership to the 49 percent it is selling now.

GE Chairman and CEO, Jeff Immelt, said the following of GE’s relationship to NBC and its end:

“For nearly 30 years, NBC—and later NBCUniversal—has been a great business for GE and our investors. We are proud of our stewardship of the business and our association with the NBCU brand. Most of all, we enjoyed working with the great people of NBCUniversal. We wish them and Comcast well in the future.”

(Via BusinessWire)