Comcast Completes NBC Universal In New York City

By: Mary Smith
Staff Writer
Published: Jan 29, 2021

Comcast completes NBC Universal in New York City. Comcast Corp completes company takeover of NBC Universal with a 51 percent company stake. The deal creates a $30 billion monopoly in television entertainment that could control how shows are made and delivered.

The cable provider said the transaction closed on Friday afternoon. To close the deal, Comcast, the No. 1 provider of video and residential Internet service in the United States, acquired a 51 percent stake in NBC Universal from General Electric Co. Executives at the company spent more than 13 months working on getting the deal through a long U.S. regulatory review process.

Regulators, who approved the deal on January 18 with conditions, were concerned that an all powerful Comcast might stifle competition from new online video competitors including Hulu, in which it now owns a stake. Among the conditions to which the cable provider agreed: relinquishing management rights of its minority stake in Hulu. Hulu is co-owned by News Corp, Walt Disney Co and NBC Universal. Comcast chief executive Brian Roberts said on Saturday that the transaction creates "the ideal entertainment and distribution company."

The newly created joint venture and assets include its network broadcast stations, cable channels like Bravo, USA and E!, the Universal movie studio as well as theme parks among other assets. Comcast sees it as a potent combination alongside its 23 million video subscribers and nearly 17 million Internet subscribers. The Philadelphia-based company hopes to take advantage of an evolving media world as viewing habits change.

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