Vivendi Completes Sale of Its NBC Universal Stake

5:00 AM PST 01/26/2011 by Georg Szalai

The move was another necessary step ahead of Comcast's formal acquisition of a 51% stake on Friday.

 

NEW YORK -- Vivendi said Wednesday it has completed the sale of its remaining stake in NBC Universal.

The telecom, music and video game company received a total of $5.8 billion for what has been a 20% stake in the entertainment company.

The final stage of the sale, which covered the final 12.34% stake for $3.8 billion, came ahead of Comcast's wrapping up of its acquisition of a 51% stake in NBC Universal on Friday.

General Electric temporarily bought back Vivendi's stake before its transaction with Comcast closes.

"We are very satisfied that our strategic objective to exit NBC Universal has been completed," said Vivendi CEO Jean-Bernard Levy. "We wish all parties well in their new venture. Vivendi now has control of all its assets and is fully focused on pursuing its profitable growth strategy."

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