Media giant NBC Universal is born as mega-merger is consummated

0 Comments | AFP, May, 2004

NEW YORK (AFP) — New media-entertainment titan NBC Universal was born as France's Vivendi Universal completed a deal with General Electric's NBC for the venture to compete with the likes of Time Warner and News Corp.

The new group controlled by the US firm is expected to post 15 billion dollars (12.5 billion euros) in sales by 2005.

Its assets range from the NBC US television network to the big Universal film studios in Hollywood, as well as cable networks and theme parks.

General Electric owns 80 percent and Vivendi the remaining 20 percent of the new giant, which joins the ranks of Time Warner, Viacom, News Corp and Walt Disney in the top ranks of entertainment and media.

Bob Wright, GE vice chairman and chairman and chief executive of the new...