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Comcast Completes NBC Universal

Comcast Completes NBC Universal - Cable company Comcast and industrial conglomerate General Electric announced Saturday that their deal to merge Comcast's cable networks with GE's NBC Universal entertainment unit was complete.

The new joint venture, dubbed NBCUniversal, LLC, is 51% owned by Comcast (CMCSA, Fortune 500) and 49% owned by GE (GE, Fortune 500). Comcast will manage the company.

The complicated deal, which values NBCUniversal at $30 billion, was first announced in December 2009. Comcast will pay GE $6.5 billion in cash and also contribute some of its programming assets to the joint venture.

The merger combines Comcast's cable networks, such as E!, Versus and the Golf Channel with NBCUniversal's struggling NBC broadcast network, as well as popular cable networks USA, Bravo, MSNBC and The Weather Channel. NBCUniversal also owns the Universal Studios film and theme park businesses.

Comcast Completes NBC Universal
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