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General Electric to Sell Stock to Raise Money for Purchase of Vivendi Assets.
Knight Ridder/Tribune Business News, March, 2004
The News-Sentinel, Fort Wayne, Ind. Knight Ridder/Tribune Business News
Mar. 8--General Electric Co. announced today it would raise about $3.8 billion through an offering of 188 million shares of common stock. The capital is expected to be used for GE's purchase of Vivendi Universal's entertainment interests.
Vivendi and GE reached an agreement in October to merge the French company's Hollywood studio, cable TV networks and theme parks with GE's NBC business, creating a media giant with about $13 billion in annual revenue.
The new company will include the NBC television network and its cable channels CNBC, MSNBC and Bravo and Spanish-language broadcaster Telemundo, as well as Vivendi's Universal movie and TV studios, plus the USA,...
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