Wall Street is embracing Comcast's decision to buy General Electric's 49 percent stake in NBCUniversal for $16.7 billion. Stock in the nation's largest cable TV provider has climbed 3.5 percent since the announcement after the close of trading on Tuesday. The broader market was up about 2 percent.
Comcast acquired majority control of NBCUniversal in 2011 and had envisioned buying the remaining stake in 2018. Complete ownership will let Comcast benefit more from the rising price of sports rights and other TV programs.
Comcast also agreed to pay another $1.4 billion for other assets, including NBC's New York headquarters at 30 Rockefeller Plaza.
The deal was announced as Comcast reported Tuesday that its net income grew 14 percent last year. Management also plans to repurchase $2 billion in stock this year and increased the dividend by 20 percent, to 78 cents a year.Associated Press