Comcast to buy GE's 49 pct stake in NBCUniversal

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Associated Press

Posted on February 12, 2013 at 3:02 PM

Updated Tuesday, Feb 12 at 4:02 PM

NEW YORK (AP) — Comcast says it's buying General Electric's 49 percent stake in the NBCUniversal joint venture for $16.7 billion. It comes several years early, as Comcast takes advantage of low borrowing costs and what CEO Brian Roberts calls a "very attractive price."

Comcast Corp. had bought a majority stake in the television and movie company in 2011. It had planned to take a larger stake in it over seven years, paying for it from operating cash.

But Roberts told The Associated Press that the sale of its stake in pay TV network A&E and some wireless spectrum gave it plenty of cash on hand. He also says Comcast got a good deal given that the stock price of media conglomerates has been rising.

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