This morning, Comcast and General Electric announced a new joint venture that will bring together Comcast’s cable programming networks (including our regional sports networks), Fandango and Daily Candy with the broadcasting, cable programming, movie studio, theme park, and online content businesses of NBC Universal. I’d like to take this opportunity to share details of the venture and explain why I am personally so excited about it.
Over the past decade, Comcast has transformed itself from a traditional cable company to one of the nation’s leading entertainment, communications and information providers, focused on delivering consumers the entertainment and information they want, when and where they want it. Today’s announcement opens up new opportunities to advance that goal.
First, a few facts about the deal. Comcast will hold a 51 percent stake in the new company and will control and manage its operations, with GE (the current majority owner of NBCU) owning the remaining 49 percent. NBC Universal and Comcast networks will retain their popular consumer brand names. I am pleased to be partnering with Jeff Immelt who is one of the most respected business leaders in America and to have GE’s continued involvement.
It’s easy to see why this combination is a great strategic fit when you think about the new opportunities it creates to provide "anytime, anywhere" content to consumers. NBCU’s assets include two national broadcast networks (NBC and Telemundo), Emmy Award-winning shows like The Office and 30 Rock, one of the best sports programming lineups in America, including the Olympics and NFL football, a Hollywood studio with one of the most celebrated content libraries with 4000+ titles and a portfolio of best in class cable networks. It is also a leader in serving the growing Hispanic audience. Click here to read more.