GE and Vivendi Universal on Wed. signed a formal agreement creati...
GE and Vivendi Universal on Wed. signed a formal agreement creating NBC Universal, merging the French company’s Hollywood studio, cable networks and theme parks with NBC TV business. The new venture is expected to generate roughly $13 billion in…
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annual revenue. The terms of the final deal were largely unchanged from a preliminary agreement reached in September, when the company entered into exclusive negotiations. It gives NBC more clout to compete with bigger rivals Viacom, Disney and Time Warner, the firms said. Vivendi shareholders benefit from reduced debt while keeping a 20% of the new company. GE will control 80% of the company, which will be led by Bob Wright, vice-chmn of GE and CEO of NBC. NBC will pay $3.8 billion cash for the Vivendi Universal assets, and assume $1.7 billion of Vivendi’s debt. The deal is subject to regulatory approvals in Washington, D.C., and Brussels, but GE and Vivendi said they expect the deal to be complete by the beginning of 2004.