Comcast Acquires Majority Ownership of NBC From GE

After nine months of negotiations, Comcast has agreed to buy NBC Universal from General Electric, the New York Times reports. The deal, which will give the country's largest cable provider a 51 percent share of NBC, will reshape the television industry and fulfill Comcast's longtime goal of producing television shows and movies. GE will still own 49 percent of the network.

As part of the joint ownership deal, Comcast will contribute its stable of channels, worth about $7.25 billion, and pay GE $6.5 billion in cash for a total of $13.25 billion. GE purchased back the 20 percent share of NBC owned by the French company Vivendi for $5.8 billion to keep a nearly even split in the shares between itself and Comcast. The deal valued NBC Universal at about $30 billion.

NBC will keep its name and remain headquartered in New York, though Comcast is based in Philadelphia. The merger could take up to 18 months to pass regulatory tests.