[Satellite TODAY 09-28-10] European media company Vivendi has finalized the sale of nearly 8 percent of its stake in NBC Universal to General Electric (GE) for $2 billion, Vivendi announced Sept. 27.
    In December, GE and Comcast signed a definitive agreement to form a joint venture that will be 51 percent owned by Comcast and 49 percent owned by GE. The joint venture will consist of the NBC Universal businesses and Comcast’s cable networks, regional sports networks and certain digital properties and certain unconsolidated investments.
    Vivendi, the majority shareholder of French Broadcaster Canal Plus, plans to sell the remaining 12.34 percent of its stake in NBC Universal to GE for $3.8 billion upon completion of Comcast’s 51 percent acquisition of GE, which was announced Sept. 26.
    Vivendi’s exit from NBC could spark further trading between major European broadcasters, as the company looks to strengthen its position in Canal Plus by buying the 20 percent stake currently owned by French broadcaster Lagardère. Lagardère announced that it would start the IPO process for its 20 percent stake in Canal Plus France in July.
    Credit Suisse Media Equity Analyst Simon Baker said investors have frequently discussed the potential for Lagardère to unlock value from its Canal Plus stake over the last few years. “Despite plans appearing to drift over the summer, we believe that management are committed to progress towards disposing of this asset over the short-term,” he said in a Sept. 27 research note. “… In our view, the most likely end game is that Vivendi chooses to reopen negotiations prior to an IPO. This could unlock 1.24 billion euros ($1.67 billion) of value.”

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