Comcast plans to access debt market before closing NBC Universal deal

By Jennifer Lanning Drey

Portland, Ore., Dec. 7 - Comcast Corp. expects to access the debt market before closing its proposed transaction to form a joint venture with General Electric Co. through which it will acquire a majority interest in NBC Universal, Michael Angelakis, chief financial officer of Comcast, said Monday during an investor presentation at the UBS Media and Communications Conference in New York.

"We're going to watch how the capital markets go, and we'll probably be accessing them in the not-too-distant future," Angelakis said.

As previously reported, Comcast and General Electric announced plans for the media joint venture on Thursday.

"We believe this was a unique and compelling strategic opportunity," Comcast chief executive officer Brian Roberts said during the presentation.

Roberts noted his company was most impressed with NBC Universal's cable business, which he said makes up about 75% of its EBITDA.

"At Comcast, we're looking to evolve and be very relevant in the 21st century and beyond in all platforms, not just in your living room. We've been talking for years about a cross-platform media experience," he said.

The CEO also said he feels Comcast is now "strategically complete."

When asked about speculation regarding Comcast's desire to sell NBC Universal's broadcast business, Comcast chief operating officer Steve Burke noted that the majority of the cash flow comes from the cable business but said Comcast hopes to improve broadcast ratings.

"It has never been the case that we have thought about selling the broadcast business. Really, it's integral to the way Universal operates, and our only goal when we show up is to try to help NBC rise into third, second or first place," he said.

Comcast is a telephone, television and internet service provider based in Philadelphia.

General Electric, a technology, media and financial services company, is based in Fairfield, Conn.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.