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Immelt Won't Consider Selling GE State in NBC Universal Just Yet
General Electric Chairman & CEO Jeffrey Immelt "will not consider" selling the company's 80 percent stake in NBC Universal until after the 2008 Beijing Summer Olympics, according to the Financial Times.
The issue "is likely to resurface tomorrow" when GE reports third-quarter earnings "that should show signs of improvement at NBC," whose value is estimated around $40 billion.
The unit had sales of $16.2 billion and profits of $2.9 billion last year. French media group Vivendi, which owns a 20 percent stake in NBCU, "is not seen as a potential buyer or a long-term owner" of the GE's share, the publication said.
This is probably a smart move considering how lucrative the Beijing Games should be for NBC and in turn GE. The network spent $894 million for the rights to the 2008 Games but should more than recoup that amount plus more as the
Olympics are cash producing machines through advertising sales on television and the Internet.
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