Vivendi sells 7.66% stake to GE for $2 bil
Will sell remaining 12.34% for $3.8 bil after Comcast dealPARIS -- French media powerhouse Vivendi has sold a 7.66% stake in NBC Universal to GE for $2 billion dollars, Vivendi confirmed on Monday.
As planned under the deal agreement, Vivendi will sell the remaining 12.34% of its stake in NBC Universal to GE for $3.8 billion once the transaction between GE and NBC's new owner U.S. cable TV provider Comcast is finalized.
Vivendi CEO Jean-Bernard Levy said earlier this month that the company could use its profit from the NBC sale to buy out French telecom SFR from its current owner Vodafone.
Vivendi already has a 56% share in SFR. Comcast's COO Steve Burke will replace Jeff Zucker as CEO of NBC Universal as the final deals in the turnover continue in the coming months.