Comcast to Buy GE’s Stake in NBCUniversal

Comcast announced that it will buy General Electric (GE)'s entire 49 percent common equity stake in NBCUniversal for approximately $16.7 billion, according to Reuters.

The deal, which is expected to close at the end of the first quarter, will be funded with $11.4 billion of cash on hand, $4 billion of subsidiary senior unsecured notes to be issued to GE, $2 billion of borrowings under Comcast and/or bank credit facilities, and $725 million of subsidiary preferred stock to be issued to GE.

Comcast revenues climbed 5.9 percent to $15.9 billion from $15 billion a year ago on growth in its video, broadband and TV businesses. Operating income rose nearly 13 percent to $3.3 billion.  Comcast also increased its dividend by 20 percent to 78 cents per share on an annualized basis and will repurchase $2 billion in stock in 2013.

GE, meanwhile, said the sale will allow it to return more cash to shareholders. GE's board increased the size of its share repurchase plan to $35 billion, with $23 billion remaining. GE plans to buy back about $10 billion in shares this year.

Source: Reuters and CNBC

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Editorial Staff @portada_online

Portada Staff

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