Posted: Feb 12, 2013 2:17 PM by Associated Press
NEW YORK (AP) - Comcast says it's buying General Electric's 49 percent stake in the NBCUniversal joint venture for $16.7 billion. It comes several years early, as Comcast takes advantage of low borrowing costs and what CEO Brian Roberts calls a "very attractive price."
Comcast Corp. had bought a majority stake in the television and movie company in 2011. It had planned to take a larger stake in it over seven years, paying for it from operating cash.
But Roberts told The Associated Press that the sale of its stake in pay TV network A&E and some wireless spectrum gave it plenty of cash on hand. He also says Comcast got a good deal given that the stock price of media conglomerates has been rising.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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