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Comcast said Tuesday that it is buying General Electric’s 49 percent stake in NBCUniversal. The company will pay GE $16.7 million in a deal that will end GE’s relationship with NBC.
The New York Times reports that Comcast chief executive Brian Roberts said that the deal will be done by the end of March. Roberts said the deal reinforces its commitment to NBC and the cable networks owned by NBCUniversal. “We always thought it was a strong possibility that we’d some day own 100 percent,” Roberts told the Times.
According to USA Today, Comcast is set to pay $11.4 billion in cash. Debt and stock will make up the rest of the payment. The company will also buy NBC’s Englewood Cliffs, NJ headquarters and 30 Rockefeller Center in NYC for $1.4 billion.
“We’re proud to be associated with it,” Roberts said about 30 Rock, the building where Saturday Night Live, Late Night with Jimmy Fallon, Today and other NBC programs are filmed.
The deal has been expected since 2009, when Comcast bought 51 percent of NBCUniversal. That deal was finished in 2011.
It ends the long relationship the network has had with GE dating back to the 1980s. RCA created NBC in 1926 and was owned by GE at the time. In 1930, GE sold RCA and NBC, buying both back in 1986, notes USA Today.
The cable networks under the NBCUniversal umbrella include MSNBC, CNBC, Bravo, E!, SyFy, NBC Sports Network and Telemundo.