Comcast grows in This fall, buys the remainder of NBCUniversal and rolls out extra new DVRs
It has been a busy day for Comcast, so we’ll catch you up on the important thing factors. First, it introduced at present that it is shopping for the forty nine % of NBCUniversal that it did not already personal from Common Electrical in a deal value about $sixteen.7 billion, plus 30 Rockefeller Plaza and CNBC’s New Jersey headquarters for a further $1.four billion. That is an acceleration of the unique schedule, which gave Comcast the choice to increase its possession beginning in 2014. In different information, Comcast reported its This fall earnings, noting that whereas it nonetheless misplaced round 7,000 cable TV clients in This fall, the whole variety of video, web and telephone subscribers rose by 503,000 to a complete of fifty one.three million, up three % from final yr.
In different information, Comcast introduced expansions in its rollout of the brand new X1 DVR platform. Already stay in areas of Georgia, New Jersey, Boston, Tennessee, San Francisco and Philadelphia, it is just lately launched in Colorado Springs, CO with extra promised within the coming months. It additionally locked down a cope with Fox that covers native broadcasts, cable TV networks and brings quite a few the community’s exhibits to Xfinity streaming apps and providers on different platforms. That deal additionally reveals that Fox will quickly add TV All over the place authenticated streaming to its Fox Now apps, which Comcast clients will have the ability to entry. There’s an earnings name tomorrow the place we might discover out extra particulars, for now you possibly can take care of the break and on the hyperlinks under for the complete press releases.
Comcast to Purchase Common Electrical’s forty nine% Widespread Fairness Possession Curiosity in NBCUniversal
PHILADELPHIA, Feb 12, 2013 (BUSINESS WIRE) — Comcast Company CMCSA +7.sixty two% CMCSK +5.27% introduced right now it’ll purchase GE’s whole forty nine% widespread fairness stake within the NBCUniversal three way partnership for about $sixteen.7 billion. Additionally, NBCUniversal will buy from GE the properties utilized by NBCUniversal at 30 Rockefeller Plaza and CNBC’s headquarters in Englewood Cliffs, NJ for about $1.four billion. The acquisition accelerates GE’s divestiture forward of a redemption interval that might have begun in July 2014 and solidifies Comcast’s place as a number one media and know-how firm. The transaction is topic to customary closing circumstances and is predicted to shut by the top of the primary quarter of this yr.
“That is an thrilling day for Comcast as we have now agreed to speed up the acquisition of NBCUniversal. The administration workforce at GE has been an exquisite associate through the previous two years and their help has been very useful. Our determination to accumulate GE’s possession is pushed by our sense of optimism for the longer term prospects of NBCUniversal and our want to seize future worth that we hope to create for our shareholders,” stated Brian L. Roberts, Chairman and CEO, Comcast Company. “We consider the phrases of the transaction are engaging and have deliberate for this occasion by taking a variety of monetary steps to organize our stability sheet. We consider we’re in a robust and distinctive place to proceed to develop and construct worth in our mixed firm.”
The transactions shall be funded with $eleven.four billion of money available, $four.zero billion of subsidiary senior unsecured notes to be issued to GE, $2.zero billion of borrowings beneath Comcast and/or subsidiary financial institution credit score amenities and $725 million of subsidiary most popular inventory to be issued to GE.
Morgan Stanley was monetary advisor to Comcast and Davis Polk & Wardwell LLP was the Firm’s authorized advisor.
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