GE, Comcast agree on NBC Universal valuation - source

By Jui Chakravorty Das

NEW YORK (Reuters) - General Electric Co. and Comcast Corp have agreed on a valuation of around $30 billion for a joint venture between NBC Universal and Comcast, ironing out what has been a key obstacle in talks so far, a source familiar with the matter said on Sunday.

The resolution of that issue brings the parties one step closer to an agreement, but French media conglomerate Vivendi, which owns 20 percent of NBC Universal, has not yet agreed to a deal, the source said.

The source spoke on condition of anonymity because details of the discussions have not been made public.

GE, which owns 80 percent of NBC Universal, declined comment, as did Comcast. Vivendi was not immediately available for comment.

The two sides have been in talks to reach a deal that would give Comcast a 51-percent stake in the NBC Universal venture.

Advisers had also been trying to draft governance and exit provisions for GE's 49-percent stake that would be palatable to both sides, sources had told Reuters previously.

Comcast and GE have now resolved how to value the joint venture in the years after the deal closes, giving more clarity on how GE could exit its stake, the source said.

Exit provisions are critical in joint ventures because they deal with when and how a partner can get out. In the case of GE, many of its shareholders have urged the conglomerate to offload NBC Universal, whose broadcast and cable networks, movie studio and theme parks are considered misfits among GE's mostly industrial operations.