Comcast and NBC to create global media giant

Comcast is set to buy a majority stake in the owner of the NBC television network.

While set to face tough regulatory challenges. the cable TV provider plans to purchase a 51% stake in NBC Universal (NBCU) for $13.75bn (£8.3bn). The new joint venture will be managed by Comcast, with NBCU president Jeff Zucker becoming chief executive. Comcast will benefit from NBCU's profitable networks including Universal Pictures, CNBC and Bravo. General Electric, which had owned 80% of NBCU, will now own 49% of the media superpower. French company Vivendi sold its 20% stake to Comcast. The creation of the new multiplatform media company mirrors the AOL and Time Warner tie-up i...