GE, Vivendi in Tentative NBCU Deal

NEW YORK: Vivendi is said to have agreed to sell its 20-percent interest in NBC Universal for $5.8 billion, clearing the way for Comcast Corporation’s joint venture with GE.

According to U.S. reports, Vivendi has agreed in principle to the GE deal, following meetings between GE chief Jeff Immelt and Vivendi’s CEO Jean-Bernard Levy in France last week. The two sides had initially disagreed on the valuation of the stake, with Vivendi seeking $6.1 billion and GE offering about $5.6 billion, Reuters reports. Should the GE and Vivendi deal go through, Comcast Corporation can proceed with its proposed joint venture with GE. The new company would be 51-percent owned by Comcast, which would contribute $4 billion to $6 billion in cash as well as its stable of cable networks, which includes E! and Style.

A final deal could be announced as early as Thursday, according to the New York Times.