Two years after buying a majority stake in NBCUniversal from General Electric, Comcast will now acquire the remaining 49 percent of the media conglomerate the company announced Tuesday. The purchase of remaining stock will be purchased from GE close to $17 billion and the deal comes after Comcast paid close to $30 billion for a majority stake just two years ago.
The deal includes several additional perks, one of which is a massive real estate transactions that involves one of America’s most prominent New York City addresses. NBCUniversal will pay about $1.4 billion to purchase Rockefeller Plaza in addition to also purchasing CNBC’s Englewood Cliffs, N.J. studio property.
“Our decision to acquire GE’s ownership is driven by our sense of optimism for the future prospects of NBCUniversal and our desire to capture future value that we hope to create for our shareholders,” said Comcast CEO and Chairman Brian L. Roberts. ” We believe we are in a strong and unique position to continue to grow and build value in our combined company.”
Since its majority stake purchase two years ago, Comcast has worked diligently to streamline the executive ranks at NBC. All of NBC’s news properties now report to one boss, while all affiliated cable networks report to a separate one.
They have also slashed budgets and brought TV productions into line with a more moderate spending policy, a pressure that even Late Night host Jay Leno felt in 2012. While the Federal Communications Commission did evaluate Comcast’s original majority stake purchase, no oversight will be required for the purchase of the remaining 49 percent.