UPDATE 1-Comcast to buy rest of NBCUniversal from GE in $16.7B deal
(Adds background on share buy-backs)
Feb 12 (Reuters) - Comcast Corp on Tuesday said it would buy General Electric's remaining 49 percent equity stake in their NBCUniversal joint venture for about $16.7 billion, speeding up a deal that had not been expected until at least late 2014.
NBCUniversal will also buy from GE Capital the properties it uses at 30 Rockefeller Plaza in New York City and CNBC's headquarters in Englewood Cliffs, New Jersey, for about $1.4 billion.
Comcast said it would fund the deal with $11.4 billion of cash on hand, $4 billion in senior unsecured notes to be issued to GE, $2 billion in credit facility borrowings and the issuance of $725 million in subsidiary preferred stock to GE.
Separately, Comcast said it would increase its dividend by 20 percent and that it would buy back $2 billion in stock this year. GE also said it would accelerate its own share buy-back program to $10 billion this year.
(Reporting by A. Ananthalakshmi in Bangalore; Writing by Ben Berkowitz; Editing by Dan Grebler)