Comcast will bring General Electric’s ownership of NBC to the end.
Comcast Corp. is paying $16.7 billion to buy out the shares of NBCUniversal from General Electric, according to the Los Angeles Times.
The purchase allowed Comcast to acquire NBCUniversal’s headquarters at Rockefeller Plaza, located in midtown Manhattan, and the CNBC headquarters in Englewood Cliffs, N.J.
Comcast now controls the New York media company after acquiring the remaining 51 percent stake from NBCUniversal.
The purchase will be funded with $11.4 billion that was generated by Comcast’s sale of wireless range, NBCUniversal’s incoming revenue and the profits from the sale of its share in the A&E networks.
With everything still in process, the deal is expected to close by the end of March.
“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,” Comcast CEO Brian Roberts said in a statement.