In the first step of a series of transactions which will have Comcast become the majority owner of NBC Universal, Vivendi announced that it has sold part of its NBCU stock to General Electric, the current majority owner. GE turned over $2 billion in the transaction.
Paris-based Vivendi had agreed last December to cash out of NBCU for $5.8 billion. That will be a two step transaction — $2 billion now and the remaining $3.8 billion when regulatory hurdles are cleared and GE sells a 51% stake in NBCU to Comcast. Including the cable channels being contributed to the joint venture by Comcast, the new NBCU is valued at about $37 billion.
Monday’s announcement by Vivendi:
“In accordance with the agreement between Vivendi and GE covering Vivendi’s full exit from NBC Universal, Vivendi has concluded the sale of 7.66% of NBC Universal to GE for $2 billion. The remainder of Vivendi’s stake, or 12.34%, will be sold for $3.8 billion to GE upon completion of the GE – Comcast transaction.”