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General Electric and Vivendi In Talks to Unload NBC Universal Stake
By Hendrik L Clarke for CEOWORLD Magazine Updated:October 19, 2009
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General Electric (NYSE:GE) and Vivendi SA (EPA:VIV) are nearing a deal over GE’s acquisition of Vivendi’s minority stake in NBC Universal. That stake is a key element in a potential deal that could give US cable operator Comcast Corporation (NASDAQ:CMCSA) control of NBC Universal, and eventually usher GE out of the entertainment business.
That 20% stake is an important part of to a potential deal for cable giant Comcast (CMCSA) to take over NBC Universal, 80% of which is owned by GE, the Wall Street Journal reports, citing people familiar with the matter.
Comcast and GE are in the middle of due diligence, say people familiar with the matter, the Journal reports. If Vivendi and GE can agree on a price, a deal for Comcast to take over NBC Universal could come next month.
Vivendi has indicated to GE that it would like to sell its NBC Universal stake this year, but doesn’t want to be paid less than book value, according to the Journal. Book value was 4.259 billion euros as of June 30, according to securities filings, or about $6.3 billion at current exchange rates.
Vivendi’s board met last week but didn’t disclose if it had decided to sell its NBC Universal stake.
The Comcast deal would value NBC Universal in the range of $28 billion to $30 billion, reports have said, putting Vivendi’s stake in the media company at $5.6 billion to $6 billion.
GE currently owns 80 percent of NBC Universal and Vivendi has 20 percent. GE and Comcast have been discussing a potential tie-up involving NBC Universal, and are currently in the midst of due diligence, according to people familiar with the matter. If Vivendi and GE can hammer out a price, a deal on the Comcast-NBC Universal transaction could come next month, Wall Street Journal writes.
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