GE to Sell $3.8 Billion of Common Stock
From Bloomberg News
General Electric Co., the world’s largest company by market value, said it planned to sell about $3.8 billion of common stock to help fund its agreement to buy the media assets of Vivendi Universal.
General Electric agreed in October to merge its NBC television unit with the Vivendi assets in a transaction the companies valued at $14 billion, including assumption of $1.7 billion in debt. Vivendi will keep about 20% of the new entity, called NBC Universal.
General Electric spokesman David Frail confirmed that the share sale was related to Vivendi.
The purchase will give General Electric a Hollywood studio, three cable channels and control of both distribution and programming.
