Well the big media deal that has been much talked about all fall has finally been officially announced.
This morning, Comcast and General Electric announced that they are entering a joint venture that will include NBC Universal — valued at $30 billion — as well as Comcast’s cable nets, including E!, Versus and the Golf Channel, and its regional sports networks, among other Comcast assets — with a value of $7.25 billion. Comcast will now own 51 percent of the new venture, after paying $6.5 billion to GE in cash.
Now, the deal heads to the regulators for approval, and all media watchers are looking forward to see how the government handles the first big media deal under the Obama administration. The New York Times has gotten its hands on a memo sent today from NBCU CEO Jeff Zucker to his staff. Zucker has been put in charge of the new venture, and he will be reporting to Comcast’s COO. Said Zucker:
“We expect regulatory approvals to take 9 to 12 months. So, for now, it remains business as usual. And in fact, I expect this will be the case for the vast majority of you even after the deal closes. NBC Universal will continue to be, first and foremost, a world-class content company.”
After the jump, GE CEO Jeffrey Immelt and Comcast CEO Brian Roberts in their first post-deal interview on CNBC this morning, in which they talk about their reasons behind seeking the deal, the future of their joint venture and what they think about the upcoming regulator approval process.