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CNBC Anchor and Reporter
General Electric and Vivendi are making slow progress in talks for the French media company to shed its 20 percent stake in NBC Universal, but a deal is still expected in the next 10 days, sources told CNBC.
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Bethany L King NBC |
GE [GE
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] to turn NBC Universal into a joint venture, with Comcast holding 51 percent and GE the remaining 49 percent. GE currently owns 80 percent of NBC Universal, parent of CNBC and CNBC.com. Both companies have agreed to value the deal at $30 billion.
But for the transaction to be completed, Vivendi needs to shed its 20 percent stake. Vivendi is said to be eager to dispose of its stake but is still negotiating the valuation with GE.
GE and Comcast were expected to announce the overall deal next week, but that is now likely to happen in 10 days.
Earlier this week, Comcast and GE agreed to make NBC Universal CEO Jeff Zucker the head of their proposed joint venture, but the structure of a new board is still being negotiated.
Under the terms being discussed, Zucker will lead the new entity, with no clauses for him to leave after a specific period.
Comcast would contribute around $4 billion to $6 billion in cash, as well as its collection of cable networks to pay for its stake.
There had been a lot of speculation about who will head the new company, especially since Peter Chernin — the former president of News Corp [NWS
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The sources said Zucker would be chief executive, but no decisions had been made on what role Chernin might play, if any.
—Reuters contributed to this report.
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