Vivendi sells stake in NBC Universal to GE

26th January 2011, Comments 0 comments

French group Vivendi said on Wednesday that it had sold its remaining 12.34 percent stake in US media firm NBC Universal to General Electric for $3.8 billion (2.8 billion euros).

"Vivendi has concluded, on January 25, 2011, the sale of the remainder of its stake in NBC Universal, a 12.34 percent stake, for $3.8 billion to GE," the company said in a statement.

The sale was made under a December 2009 deal between the two companies in which Vivendi agreed to sell all of its 20 percent stake in NBC Universal to General Electric once Comcast's purchase of NBC Universal was approved by US regulators.

US authorities gave the green light Tuesday to Comcast's purchase of NBC Universal, a deal that would give the cable giant a media and entertainment empire to rival The Walt Disney Co.

Vivendi said in September it had sold a 7.66 stake in NBC Universal to General Electric for 2.0 billion dollars.

Vivendi received the $5.8 billion for its total stake in NBC Universal in cash.

"We are very satisfied that our strategic objective to exit NBC Universal has been completed," Vivendi CEO Jean-Bernard Levy said in a statement, adding the company is now "fully focused on pursuing its profitable growth strategy".

NBC Universal was formed by merging the telvevision assets of GE and Vivendi.

© 2011 AFP

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