General Electric Co.'s NBC bought the rights to broadcast the Miss Universe, Miss USA and Miss Teen USA beauty pageants for five years from Donald Trump.
The agreement is valued at more than $50 million, a Miss Universe Organization spokeswoman said. NBC and its Telemundo Spanish-speaking television network will broadcast the pageants beginning next year, the companies said.
Viacom Inc.'s CBS did not renew its contract with Trump. CBS had broadcast the pageants since 1996.
Fairfield, Conn.-based General Electric shares rose 65 cents to $29.60. New York-based Viacom’s Class B shares rose $1.70 to $45.59, both on the NYSE.