US conglomerate General Electric is to sell its 49 per cent stake in broadcaster NBC to cable giant Comcast for 16.7 billion dollars, the companies announced Tuesday.
Comcast, which is the largest cable company in the US, bought a majority stake in the television and movie company in January 2010.
NBC airs hits such as Law & Order and The Office, and owns cable channels like Bravo E! and MSNBC, the Hollywood movie studio Universal Studios and the Universal Studios theme parks.
Under the terms of the deal, Comcast will also buy NBC's headquarters building at 30 Rockefeller Plaza in New York for 1.4 billion dollars.
"Our decision to acquire GE's ownership is driven by our sense of optimism for the future prospects of NBC Universal and our desire to capture future value that we hope to create for our shareholders," said Brian Roberts, chairman and chief executive of Comcast.
"This transaction allows us to significantly increase the cash we plan to return to shareholders in 2013, to approximately 18 billion dollars, and to continue to invest in our industrial business," GE CEO Jeff Immelt said in a statement.
Most Popular Stories
- Twitter Coming to Phones Without Internet
- Twitter Names Woman to Board
- Obamacare Doing Just Fine, Ky. Governor Says
- Rand Paul Signs up for Obamacare
- Thalia Gets Star on Hollywood Walk of Fame
- How to Arm Yourself Against CryptoLocker Virus
- World Cup Draws: Coaches, Players Offer Insights
- Hispanic Employment Improves in November
- Texas Chiller Moves East
- Warner Bros. Unleashes 'Hobbit: Desolation of Smaug' Merchandise