Comcast to pay $6.5 billion in NBC deal

    Comcast CEO Brian Roberts says its programming business has been “sub-scale,” and he wants to capitalize on NBC’s cable and internet properties – like the popular Hulu website

    Comcast has announced a partnership NBC Universal.

    Comcast, which is headquarted in Philadelphia, will pay 6.5 billion dollars in cash to GE for a controlling share of NBC, along with over $7 billion in digital media properties. Other than bragging rights, Philadelphia will not be immediately affected by the deal.

    Comcast CEO Brian Roberts says its programming business has been “sub-scale,” and he wants to capitalize on NBC’s cable and internet properties – like the popular Hulu website. NBC’s broadcast network has not been doing well.

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    NBC’s programming business will complement Comcast’s distribution network, says Roberts, and the businesses are so different that there should be very few employee layoffs.

    Roberts: The overlap is very small – 30,000 employees at NBC, we have 100,000. 97% don’t overlap. There will be a small overlap in headquarters functions – but very minor. It’s different from other joint ventures where synergy is dependent on reductions.

    The joint venture will not be finalized until it passes a federal regulation investigation, which could take as long as a year. The Philadelphia Chamber of Commerce is looking forward to having the largest media conglomerate in the country based in their city.

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