Key Developments For Comcast Corporation
Comcast Corporation (CMCSK.O) (Nasdaq)
GE, Vivendi Agree To Value NBCU Stake At $5.8 Billion; Paves Way For Comcast Corp's Proposed Joint Venture With GE-Reuters
Reuters reported that GE and Vivendi SA have agreed in principle to a deal in which GE would buy Vivendi's 20% stake in NBC Universal for $5.8 billion, a source familiar with the matter said, paving the way for Comcast Corp's proposed joint venture with GE. The agreement is mainly the result of a meeting between GE Chief Executive Jeffrey Immelt and Vivendi's CEO Jean-Bernard Levy in Paris, where the two parties made progress on the talks that had been going on for weeks, the source said. Vivendi had originally valued its 20% stake in NBC Universal at $6.1 billion, sources told Reuters earlier this month. But the two sides differed on that valuation, slowly narrowing their gap over the past few weeks. GE, which owns the remaining 80%, had offered around $5.6 billion about 10 days ago, a source had said then. The two sides also have differed on when Vivendi would get paid: Vivendi initially wanted the entire payment upfront, while GE wanted to pay after its deal with Comcast closed. On November 20, a source familiar with the negotiations told Reuters that Vivendi had agreed to accept payment for one-third of its stake until the deal with Comcast closes. The negotiations between Vivendi and GE have been holding up Comcast's plan to form a joint venture with GE by buying a controlling stake in NBC Universal. The two sides have valued NBC Universal at about $30 billion. As part of that proposed deal, NBC Universal would become 51% owned by Comcast and 49% by GE.
Comcast Corp. Declares Quarterly Dividend
Comcast Corp. announced that its Board of Directors declared a quarterly dividend of $0.0675 a share on the Company's common stock. The quarterly dividend is payable on January 27, 2010, to shareholders of record as of the close of business on January 6, 2010.
Comcast Corp. Close To Gaining Control Of GE's NBC Universal-Reuters
Reuters reported that, according to the New York Times, Comcast Corp. and GE are closer to a deal to give Comcast a 51% stake in NBC Universal and a formal announcement may be made in the coming week. GE, which currently owns 80% of NBC Universal, would keep the other 49% and contribute about $12 billion in debt to the new entity, according to the paper. The paper added that GE is likely to eventually sell its ownership interest in NBC Universal over several years.
Clearwire Corporation's Clearwire Communications, LLC, Comcast Corp. and Sprint Nextel Corporation to Launch 4G in Chicago, Philadelphia and Seattle
Clearwire Corporation's Clearwire Communications, LLC, Comcast Corp. and Sprint Nextel Corporation announced plans to launch their respective 4G mobile Internet services in additional cities in the fourth quarter of 2009. Each of the companies will offer 4G under their own 4G brand. Clearwire, Comcast and Sprint will each launch commercial 4G service in Philadelphia in the next several weeks with official launch events and retail store openings to follow. In November, Clearwire, Comcast and Sprint will begin sales in Chicago. All three providers will begin selling in Seattle/Tacoma area in early December.
GE And Comcast Corp. Keeps Options Open Amid NBC Universal Deal Talk-Reuters
Reuters reported that GE and Comcast Corp. are negotiating a multi-billion dollar sale of NBC Universal. The deal under consideration would combine Comcast's cable network assets and $4-6 billion cash with NBC Universal. Under the envisioned deal, Comcast would take a 51% stake in NBC Universal and GE would own the rest of a company valued at around $30 billion.
