Vivendi steps back from NBC
By Julian Clover
Published: September 27, 2010 11.03 Europe/London
Vivendi has begun its withdrawal from NBC Universal, selling an initial tranche of its 20% holding to General Electric for $2 billion. In accordance with its late 2009 agreement Vivendi will sell its remaining 12.34% in NBC to General Electric for $3.8 billion once the sale of the TV group to Comcast has been completed.
Separately, it has been announced that Stephen Burke will takeover from Jeff Zucker as President and CEO of NBC Universal once the acquisition of 51% in NBC has been completed by the US cableco.
Comcast chairman and CEO Brian Roberts said, “Steve Burke is an experienced, talented and visionary leader with over 25 years in the media and entertainment industry. Steve is one of the most well-respected executives in the industry, and I am confident that he will lead NBCU forward to a new era of growth.”
52-year-old Burke Comcast in 1998 as president of Comcast Cable. He also has been president of ABC Broadcasting and president and COO of Euro Disney SA.
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