News & Announcements

Weil Advises GE in $18.1B Sale of NBCUniversal and Related Real Estate to Comcast

Weil advised General Electric (GE) in connection with the sale to Comcast of its remaining 49 percent stake in NBCUniversal, NBCUniversal’s floors in 30 Rockefeller Center, and CNBC’s headquarters for $18.1 billion. Under the terms of the transaction, GE will sell its 49 percent stake in its joint venture with Comcast, which includes NBCUniversal, for $16.7 billion. In addition, GE Capital will sell NBCUniversal’s floors in 30 Rockefeller Center as well as CNBC’s headquarters in Englewood Cliffs, New Jersey to affiliates of NBCUniversal for $1.4 billion. The transaction has been approved by the boards of directors of both GE and Comcast.

Howard Chatzinoff, co-chair of Weil’s M&A practice, and M&A partner Jackie Cohen led the Weil team that advised GE. The Weil team also included Real Estate partner Samuel Zylberberg; Banking & Finance counsel Roshelle Nagar; M&A associates Gavin Westerman, Jennifer Cheng, Megan Pendleton, and Harry Moseley; Real Estate associates John Goldman and Jonathan Fisch; Capital Markets associate Andrew Woodworth; Tax associate Michael Breidenbach; and Banking & Finance associate Amara Gossin (all of New York).

Comcast previously acquired a 51 percent stake in NBCUniversal from GE in January 2011 for $13.8 billion. Weil represented GE in that landmark joint venture as well—a deal that changed the face of the media landscape.

This news appeared in the following outlets (may require registration/subscription):

  • Financial Times: Comcast in $16.7bn NBCUniversal buyout (February 12, 2013)
  • Bloomberg: Comcast Will Buy Rest of GE’s NBC Stake for $16.7 Billion (February 12, 2013)
  • Forbes: Comcast Beats Estimates, Boosts Dividend And Buys The Rest Of NBC From GE (February 12, 2013)
  • The Am Law Daily: Davis Polk, Weil Lead on Comcast's $18.1 Billion NBCU Buy (February 12, 2013)
  • Law360: Comcast To Pay $18.1B For GE’s Stake In NBCU, Offices (February 12, 2013)
  • ABF Journal: GE Sells Stake in NBCUniversal to Comcast for $18B (February 12, 2013)
  • CT Post: Cut and print! GE sells remaining NBC stake for $18.1 Billion (February 12, 2013)
  • Reuters / Thomson Reuters Westlaw Business Law Currents: Comcast to buy rest of NBC Universal from GE in $16.7B deal (February 13, 2013)
  • The Deal: Comcast pays $16.7B for remainder of NBCUniversal (February 13, 2013)
  • Legal Week: Weil Gotshal and Davis Polk lead on latest multibillion-dollar media deal (February 13, 2013)
  • Global Competition Review: Comcast buys GE out of NBC Universal (February 13, 2013)
  • Bloomberg: Foley, Venable, Davis, Weil, Herbert: Business of Law (February 14, 2013)
  • New York Law Journal: Davis Polk and Weil Gotshal Advise Latest $18.1 Billion NBC Universal Sale (February 14, 2013)
  • Daily Journal: Davis Polk, Weil advise on Comcast's NBCUniversal equity buy from GE (February 14, 2013)
  • Legal Week: As a wave of US mega-mergers boosts M&A hopes, will they inspire confidence in Europe? (February 22, 2013)