GE Sells Remaining Stake in NBCUniversal Joint Venture and Related Assets to Comcast for $18.1B

  GE Sells Remaining Stake in NBCUniversal Joint Venture and Related Assets to
  Comcast for $18.1B

       Results in pre-tax gains of $1B for GE and $0.9B for GE Capital

 GE Board of Directors authorizes increase in share repurchase plan to $35B,
                             with $23B remaining

        Plan to accelerate share buyback to approximately $10B in 2013

             Cost reductions expected to exceed $2B through 2014

Business Wire

FAIRFIELD, Conn. -- February 12, 2013

GE [NYSE: GE] announced today the sale of its remaining 49% common equity
interest in its joint venture with Comcast, which includes NBCUniversal
(NBCU), as well as the NBCU floors in 30 Rockefeller Center, for $18.1

Under the terms of the transaction, GE will sell its remaining 49% common
equity stake in the NBCU joint venture to Comcast for $16.7 billion. GE will
receive $12.0 billion in cash, $4.0 billion in Comcast guaranteed debt, and
$0.7 billion of preferred stock. Additionally, GE Capital (GECC) will sell the
NBCU occupied floors in 30 Rockefeller Center, and property in Englewood
Cliffs, New Jersey, to NBCU affiliates for $1.4 billion in cash. The
transaction has been approved by the boards of directors of GE and Comcast and
remains subject to customary closing conditions, which are expected to be
satisfied before the end of the first quarter of 2013.

The joint venture includes NBCU’s cable networks, filmed entertainment,
televised entertainment, theme parks, and unconsolidated investments, and
Comcast’s cable networks, including E!, Versus and the Golf Channel, its ten
regional sports networks, and certain digital media properties. An agreement
announced by the two companies in December 2009 reduced GE’s holding in NBCU
from 80% to 49% and made Comcast the majority partner. GE used proceeds from
that transaction to make strategic acquisitions in its Energy and Oil & Gas
businesses, which have performed well.

“This transaction allows us to significantly increase the cash we plan to
return to shareholders in 2013, to approximately $18 billion, and to continue
to invest in our industrial business,” said GE Chairman and CEO Jeff Immelt.
“By adding significant new capital to our balanced capital allocation plan, we
can accelerate our share buyback plans while investing in growth in our core

The GE Board of Directors increased GE’s share repurchase authority to $35
billion, with approximately $23 billion of authorization remaining as of
today. With this authorization, GE plans to accelerate its share repurchase
program to approximately $10 billion in 2013.

GE does not expect this transaction to materially impact the overall earnings
framework for 2013. GE expects the pre-tax gain from the sale of its remaining
NBCU interest of approximately $1 billion to be offset by restructuring in
2013. Due to the accelerated restructuring plan, cost savings should exceed
the previous target of $2 billion through 2014. GE expects earnings previously
forecast from the NBCU joint venture to be replaced by the effects of share
repurchases, cost reductions, and earnings growth in its industrial business,
for both 2013 and 2014. In addition, GECC expects the $0.5 billion after-tax
gain from the sale of property to be allocated to accelerating non-core asset

Immelt said, “We are very pleased with the investment we have made in
NBCUniversal, which generated a return of 14 percent over more than two
decades, and Comcast has been a great partner with GE in this joint venture.
The gains we will realize from this sale will accelerate our restructuring
plans and provide more momentum to our margin expansion goals. This
transaction represents another strong step forward in our industrial
transformation, with no change to our 2013 earnings outlook, substantially
increased buyback, and continued investment in growth. Going forward, we
expect to continue our balanced capital allocation approach, investing
organically in our industrial businesses, growing dividends in line with
earnings, buying back stock, and focusing our industrial M&A on bolt-on

“For nearly 30 years, NBC – and later NBCUniversal – has been a great business
for GE and our investors. We are proud of our stewardship of the business and
our association with the NBCU brand. Most of all, we enjoyed working with the
great people of NBCUniversal. We wish them and Comcast well in the future.”

J.P. Morgan provided financial advice to GE, and Weil, Gotshal & Manges was
the Company’s legal advisor. In addition, Goldman Sachs, Centerview Partners,
and CBRE provided strategic advice related to the transaction.

Teleconference and Webcast

GE will host a webcast at 9:30am ET on Wednesday, February 13, 2013, to
discuss this announcement with GE Chairman and CEO Jeff Immelt, and GE Chief
Financial Officer Keith Sherin. The webcast will be available at A replay will be available later in the day on the site.

About GE

GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in energy,
health and home, transportation and finance. Building, powering, moving and
curing the world. Not just imagining. Doing. GE works. For more information,
visit the company's website at

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Investor Contact:
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