UPDATE 1-Comcast buys Microsoft stake in MSNBC.com

July 16 (Reuters) - Comcast Corp, the parent company of NBC, has bought out Microsoft Corp's 50 percent stake in MSNBC.com for a reported $300 million to assume full control of the news website.

"Today we're taking on a new name - NBCNews.com. While our name is changing, our commitment is not," Jennifer Sizemore, editor-in-chief of NBCNews.com, said in a letter posted on the company's website.

The New York Times reported the transaction was valued at $300 million, a part of which comes from the joint venture's past profits, citing people with knowledge of the deal.

NBC and Microsoft joined forces in 1996 to create a cable news channel and online news operation that melded broadcasting with then-emerging internet technology. Microsoft has since exited the cable venture.

The news of a possible website deal was first reported in May.

Comcast and Microsoft could not immediately be reached for comment outside regular U.S. business hours.

Microsoft shares closed at $29.39 on the Nasdaq on Friday. Comcast shares closed at $31.87 on the Nasdaq.