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Comcast Completes Deal

1/29/2011 12:19 PM Eastern

Comcast and General Electric said they completed their $30 billion transaction on Jan. 28, creating a joint venture comprising NBC Universal and Comcast's cable networks assets.

The new venture, called NBCUniversal, is 51% owned by Comcast, 49% by GE, and managed by Comcast. It maintains its headquarters in New York City.

"This transaction brings together the rich traditions of some of the world's most well known and respected entertainment, news and sports brands at NBCUniversal with the technology and consumer reach of Comcast, creating the ideal entertainment and distribution company," said Comcast CEO Brian Roberts in announcing the completion of the transaction.

NBCUniversal logoNBCUniversal is being headed by Steve Burke, who had been COO of Comcast. Burke introduced himself to NBC Universal staffers at a town meeting on Thursday.

The acquisition was announced in 2009 and went through a lengthy review by the government, getting approval only last week.

Morgan Stanley served as the lead financial advisor to Comcast with UBS and BofA Merrill Lynch acting as co-advisors.

Read more at B&C here.

 

 

 

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