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/ 03.29.2010 1:00PM
NBCU Scores $9.45 Billion Financing for Comcast Deal
NEW YORK: NBC
Universal has acquired the $9.45 billion in financing it needs to complete a
transaction with Comcast. The cable operator agreed last December to buy a
majority stake in NBCU from parent corporation General Electric. The
transaction involved Comcast paying GE $8 billion in cash for 51 percent, with
an option for GE to cash out on the remaining 49 percent over seven years.
The plan is to spin NBCU into a joint venture between Comcast and GE valued at
$30 billion. NBCU sought the financing to disburse to GE so the 20 percent
piece of it owned by Vivendi could be purchased.
Dow Jones reports that the content company received a three-year
credit agreement on a $3 billion loan facility, a $750 million in a revolving
credit facility, plus a bridge loan for a $6.1 billion credit facility.
The deal remains under the scrutiny of lawmakers and regulators. It would mark
the first time a pay TV operator would own one of the major broadcast networks,
and in this case, it’s the nation’s largest pay TV provider.
The FCC recently opened up a proceeding to
gather public comments
on the deal that would put two broadcast networks--NBC and Telemundo--26 TV stations,
several cable networks, a movie studio, a theme park and extensive digital
properties and news operations under the control of Philadelphia-based Comcast.
-- Deborah D. McAdams
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