Comcast buys NBCU
Deadline.com has reported that Comcast has agreed on a $13.75 billion price tag for a share of NBC Universal to create the nation’s largest cable and entertainment company. The breakdown of the allotment of the money will be $6.5 billion in cash going to GE and a promise to contribute $7.25 billion worth of businesses such as E! and sports networks.
NBCU CEO Jeff Zucker will be the CEO of the new Comcast Entertainment Group and NBCU has agreed to take on $91 billion in debt.
The deal is still seeking approval from federal regulators which could take up to a year. Comcast Chairman Brian Roberts said “This deal is a perfect fit for Comcast and will allow us to become a leader in the development and distribution of multiplatform ‘anytime, anywhere’ media that American consumers are demanding.”