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Comcast, GE Merge Businesses
U.S. cable company, Comcast, and General Electric have partnered to establish a new joint venture, NBCUniversal.
U.S. cable company, Comcast, and General Electric (GE) have partnered to establish a new joint venture, NBCUniversal. As per the deal, GE contributed its NBCUniversal, businesses, including its cable networks, filmed entertainment, while Comcast contributed its cable networks, including E!, Versus and the Golf Channel and made a $6.2 billion cash payment to GE, adds The Wall Street Journal.
The new entity will be based in New York City and will be 51% owned by Comcast and 49% by GE. Morgan Stanley served as lead financial advisor to Comcast with UBS and BofA Merrill Lynch acting as co-advisors, while JP Morgan was lead financial advisor to GE with Goldman Sachs and Citi acting as co-advisors.
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