Comcast Corporation will purchase General Electric Co.’s remaining 49% ownership of NBC Universal for $16.7 billion, following through on the cable company’s purchase of its 51% stake two years ago.
The deal also involves buying the properties used by NBC Universal at Manhattan’s 30 Rockefeller Center and CNBC’s headquarters in New Jersey for $1.4 billion, Comcast said today in a statement. The enterprise value of NBC Universal is now $39.1 billion, up from $37.5 billion when Philadelphia-based Comcast bought the stake in 2011.
Comcast, the largest U.S. cable company, bought 51 percent of NBC on Jan. 29 of that year for $13.8 billion in cash and assets. Since then, the company has benefited from improving ratings at the NBC broadcast network and better-than-expected ad revenue from the Olympics. For GE, the deal turns an asset that didn’t fit with its business into a source of cash.