Hooray for conglomerates! The New York Times is reporting that, after a human fetus's gestation period of negotiations, General Electric has finally agreed to sell a controlling share of NBC--the network where you watch Friends!--to cable giant Comcast:
The deal valued NBC Universal at about $30 billion.
The agreement will create a joint venture, with Comcast owning 51 percent and G.E. owning 49 percent. Comcast will contribute to the joint venture its stable of cable channels, which includes Versus, the Golf Channel and E Entertainment, worth about $7.25 billion, and will pay G.E. about $6.5 billion in cash, for a total of $13.75 billion. For now, the network will remain NBC Universal, but ultimately Comcast could decide to change the name.
The Times also notes, "G.E.’s decision to sell reflects the deteriorating state of the broadcast television industry," but Comcast was quick to respond, saying, "Sure, broadcast television is deteriorating now, but wait until you see this hilarious new true-to-life sitcom we've cooked up for next fall! Think The Office with cable installers. You wouldn't believe the stories we have!"