NBCU Takes Full Control of Universal Orlando

ORLANDO: NBCUniversal has confirmed a deal to acquire The Blackstone Group’s 50-percent interest in the Universal Orlando theme park for $1.025 billion.

Upon closing of the transaction (expected July 1), NBCUniversal will own 100 percent of Universal Studios Florida, Universal’s Islands of Adventure and Universal CityWalk at Universal Orlando.

“Throughout this period we have been committed to investing for long-term growth in partnership with the company’s management and NBCUniversal, and we are gratified with the results of this strategy," said Steve Burke, the CEO of NBCUniversal. "The acquisition consolidates our ownership and confirms our long-term commitment to Universal Orlando and the theme-park business. Universal Orlando is a consistent and significant driver of operating and free cash flow and is performing extremely well. It has a superb management team and exciting growth opportunities. This purchase of the Blackstone interest is attractively valued and represents strong financial returns for NBCUniversal.”

The purchase is being funded with cash on hand at NBCUniversal, borrowings under NBCUniversal’s existing revolving credit facility and a one-year $400 million note from an affiliate of Comcast Corporation.