(NEW YORK) — Comcast is buying the remainder of NBCUniversal from General Electric, the cable TV provider announced on Tuesday.
The price tag for GE’s 49 percent stake in the entertainment giant is approximately $16.7 billion.
Two years ago, Comcast bough 51 percent of NBCUniversal. The latest acquisition consolidates Comcast as a cable distributor and a content provider.
“This is an exciting day for Comcast as we have agreed to accelerate the purchase of NBCUniversal,” Comcast Chairman and CEO Brian L. Roberts said in a statement.
“Our decision to acquire GE’s ownership is driven by our sense of optimism for the future prospects of NBCUniversal and our desire to capture future value that we hope to create for our shareholders,” he added.
The deal is still subject to “customary closing conditions,” Comcast says, but it is expected to be finalized by the end of this year’s first quarter.
Copyright 2013 ABC News Radio
Nate Eaton, EastIdahoNews.com