Comcast-NBC Universal deal
Find a Conversation
| Sun, 10-18-2009 - 11:52am |
Vivendi board could clear way soon for Comcast-NBC Universal deal
http://losangeles.bizjournals.com/losangeles/stories/2009/10/12/daily14.html
Los Angeles Business from bizjournals - by Peter Key Philadelphia Business Journal
Comcast Corp.’s bid to acquire majority ownership of NBC Universal could pick up momentum Wednesday.
That’s the day of a scheduled meeting of the board of directors of Vivendi SA, the French media conglomerate that owns 20 percent of NBC Universal.
Vivendi has an annual window to notify Fairfield, Conn.-based General Electric Co., which owns the other 80 percent, that it intends to sell its stake in the television network, film and theme-park company. This year, the window runs from Nov. 15 through Dec. 10.
Philadelphia-based Comcast (NASDAQ:CMCSA,CMCSK) is talking with GE (NYSE:GE) about forming a joint venture that would own all the properties now owned by NBC Universal plus Comcast’s cable networks.
Neither Comcast nor GE would comment officially on the talks, but sources have said that in the deal currently being discussed, Comcast would own 51 percent of the joint venture and GE would own 49 percent.
In addition to its cable networks, which are worth $6 billion, Comcast would contribute $4 billion to $6 billion in cash to the joint venture.
On Tuesday, a source close to the situation said GE would be able to sell part of its stake in the joint venture back to the joint venture after 3.5 years and again after seven years.
The joint venture would pay GE with cash from its operations, the source said. If it couldn’t afford to pay for the amount of the stake that GE wants to sell back, Comcast would put up some money, although there is a limit on how much it would be required to put up.
Securities firm Sanford C. Bernstein & Co. values the joint venture at about $30 billion.



>"....Vivendi has signaled that it wants to shed its remaining stake in NBC Universal, the U.S. media company formed after Mr. Messier’s profligacy resulted in disaster. That would clear the way for the formation of what could be the next big American media giant, a potential fusion of NBC Universal and the cable company Comcast."<
From.........
Where to Now for Vivendi?
http://www.nytimes.com/2009/10/19/technology/19iht-vivendi.html?pagewanted=print
oh great...I detest Comcast.