EU approves Comcast/Universal purchase

It looks like 30 Rock is going to have to find some new jokes that aren’t about light bulbs and microwave ovens.

Comcast has won EU regulatory committee approval to purchase a controlling stake in General Electric’s NBC Universal.

The deal would create a media superpower with control of how television shows and movies are made and how they are delivered to homes. Under the agreement, Comcast will provide $6.5 billion in cash, its own cable TV networks and other assets in return for a 51 percent stake in NBC Universal. GE will keep the remaining 49 percent.

Comcast, the top U.S. cable operator, said in December it had reached a deal with GE to create a joint venture between its cable networks unit and NBC Universal, which owns cable networks USA, MSNBC and CNBC as well as the NBC broadcast network.

US regulators are still looking at the deal. Interest groups think this will mean higher prices for consumers.

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Posted on July 14, 2010, in Newspaper & Journal Articles, TV & Cable Industry and tagged , , , , , . Bookmark the permalink. Leave a comment.

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