Comcast and NBC Universal launch joint media venture

LONDON - NBC Universal and US cable TV giant Comcast are combining to form a global media powerhouse spanning an array of US TV networks, Hollywood movie studios and international media properties.

Joint venture: SVU, a crime series from NBC Universal which is partnering with Comcast
Joint venture: SVU, a crime series from NBC Universal which is partnering with Comcast

Comcast and NBC Universal's majority owner General Electric are to form a joint venture that will be 51% owned by Comcast and 49% by GE.

The companies said the venture "will be well positioned to compete in an increasingly dynamic and competitive media and digital environment". It will span assets such as Hulu, Bravo, Syfy, E!, CNBC, MSNBC and Universal Pictures.

Jeff Zucker, president and chief executive of NBC Universal, will be chief executive of the new entity.

Under the terms of the deal, GE will contribute NBCU's businesses valued at $30bn to the joint venture. Comcast will contribute its cable networks including E!, Versus and the Golf Channel, its 10 regional US sports networks, and digital media properties, collectively valued at $7.25bn.

Comcast will also make a payment to GE of approximately $6.5bn.

In addition, GE will acquire Vivendi's 20% interest in NBCU for $5.8bn.

Comcast also announced the creation of Comcast Entertainment Group, which will house Comcast's interest in the joint venture and will stand alongside Comcast Cable, which operates the company's cable business.

Brian Roberts, Comcast chairman and chief executive, said: "This deal is a perfect fit for Comcast and will allow us to become a leader in the development and distribution of multi-platform ‘anytime, anywhere' media that American consumers demand."

GE chairman and chief executive officer Jeff Immelt said: "The combination of Comcast's cable and regional sports networks and digital media properties and NBCU will deliver strong returns for GE shareholders and business partners."

 

Subscribe to Campaign from just £57 per quarter

Includes the weekly magazine and quarterly Campaign IQ, plus unrestricted online access.

SUBSCRIBE

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now
Share

1 Flexible working rules at Dentsu Aegis

Fancy working for a company that cares about your work/life balance and focuses on your performance rather than the time spent at your desk?

The top 10 brands favoured by Remainers and Brexiters
Shares0
Share

1 The top 10 brands favoured by Remainers and Brexiters

Marketers can learn about our divided nation by examining the brands that appeal across the voting referendum voting split, says Emily James, chief strategy officer at Rainey Kelly Campbell Roalfe/Y&R.

Just published